@Jordan Bochner, If underneath are some nice solid sub treads (good condition 2x or plywood), you can use anti-slip paint designed for steps & flooring (an example would be https://www.homedepot.com/p/Sure-Step-1-Gal-Anti-S... ) for the treads, white for risers to give them a high end look. 

Minutes from bus routes that connects to the train which connects to major parts of the city.Ideal Location - located in a mature neighborhood surrounded by several desirable schools.Near local amenities such as a shopping malls and leisure centers.Home setup is desirable - top level and potential legal basement for dual incomeHome is in rough shape and can add value to it (BRRRR method) which is what I want.Alley and Garage parking.Cons - Located on two main roadsThere is street parking in front of the home (2 lanes of traffic both ways). 

Next logical step is property tour and LOI.

Next Steps might be:1) Lower rent below my min criteria for cashflow.

My recommendation:  Focus on Single Family Homes and look towards the BRRRR method. 

This is my first step in realestate Investment journey.

@Eli SunderlandHaving a goal is a necessary first step, thank you for asking. 

If you are getting out of the crazy rent market you have one step in the right direction.

Many utilities won't even let you sign up without a copy of your signed lease in hand.Other than that, the rest of your steps seem reasonable.

If student never takes title and parents pass away, student will received a stepped up basis in the property at the time of death meaning that the student can then liquidate without paying a cent in tax.