If each of my contractors charged me $500 every time they pulled a permit, I'd have spent probably close to a quarter million dollars for contractor pulling permits over the past 8 years.Considering a typical permit costs about $50 and takes about 20 minutes of time (let's call it 60 minutes if you add in the extra driving time), that's means I should be paying no more than $100 to have a permit pulled -- the $50 for the permit and then up to about $50 for the contractor's time. 

In return, the lender would receive monthly cash flow and a share of the profits upon sale.

You can rent by the room, which can maximize rental income.Parent Guarantees: Many student leases involve co-signers, usually parents, which can provide additional financial security.Low Vacancy Rates: Due to the high demand, vacancy rates tend to be low, especially if the property is close to campus or in a desirable student neighborhood.Flexible Lease Terms: You can structure leases to fit the academic calendar, which means you can adjust rents annually based on market conditions.Cons:High Turnover: Students typically stay for shorter periods, leading to higher turnover rates.

After the closing cost, this home will probably cost me around 35k to purchase.I'll have 35k left to do another investment.

You're throwing darts at a board with one eye closed hoping to get lucky. 

For instance, in Florida, it is a criminal misdemeanor to write an NSF check and worse if you write a check on a closed account. 

I worked for a family office in an acquisitions role specializing in sale-leaseback transactions.

Point being - if appreciation is close to equal to the interest paid on savings (5% currently) - wouldn't it be much easier to take the 5% from the bank with no headaches associated with owning the property?  

I am a licensed agent and represented myself on the purchase and sale.

Good or not there is still a need to keep it close to market if you don't want to keep it at market.