I target virtual wholesale groups, classified groups, and business groups.

At the time, I was a full-time student at Stevenson University, overpaying for an education.

Poor neighborhood but extremely close to several colleges, universities and hospitals.

While there are stories about rules which apply to dealer definition like less than 3 per year or holding for more than one year, those are not entirely correct nor universally applicable.  

That means purchase price should be closer to $38750 with 9k in repairs accounted for already plus 1k buffer for contingency.Exit Strategy #5 - You may be able to some sort of cooperative Lease Option where you sign a lease with option then assign your interests to a handyman Tenant Buyer for an assignment fee to make a quick $2k - 3k and your out of the deal.There's no way I would stay in the middle of a deal like this with such a small profit up front, small cashflow and virtually no back end payout.Also, principal paydown wouldn't even come into play unless your holding the property as a long term rental.Again, I'm no expert, still learning the ropes myself, but the margins seem slim to me.Just my honest opinion.Jeff V

Here's my situation: I have one more year left at The Ohio State University before I graduate.

I joined bigger pockets to gather as much info as possible before I start to invest.I graduated from UIC( University of Illinois at Chicago) about a year ago wit bachelors in finance.

Some banks let you have multiple virtual accounts in one actual account - or you can do this with something like Mint. 

Advantages: The entire area is new development, so there is no run down areas or neighborhoods; the complex has a club house and a pool, which is attractive to tenets; the HOA covers all of the outside maintainence; they are building a campus extension of a local university; close to interstate;  plans for business development in the area are extensive.  

well, since the previous owners most often are long gone, the letter the bank sends out to them usually never reaches them. so, the house sits for a very long time with virtually no owner and falls apart. it racks up thousands of dollars in back taxes and usually winds up in the lap of the county or state for back taxes, which then auctions the house off for pennies on the dollar. here is where you come in, or even before. i have personally found 2 of these houses, and bought them for $2000 for one and $2250 for the other. of course you have to assume the back taxes and such, but in most cases, you wind up with the house well below what it is wort anyway. the house i paid $2000 for????