We are considering, if successful, purchasing an additional property/rental for grad students (hopefully less wear and tear) and what seems like a consistent rental market.

What is your advice for us new agents to get started in this market?

Before I knew that I had been shopping around for one without much success.

When the housing market improves, the median home values increase. 

Markets with more supplies.

Combined with the price I paid through the auction, they are much higher than market valueproperty 1: paid 100k, owe 170k.

I have personally never heard of the county having any say .. other than I do get calls from (state of Colorado) Tax collector after I purchase something and they want to know why we paid less than market value.. but they contact after the fact..

To find a house where the seller is willing to sell it to you Sub2 the existing loan you need to do quite a bit of marketing.

I don't know your market, so I would not be able to advise you, but just consider the sellers motives and make the terms beneficial for both parties. 

Consider whether you aim to build a substantial real estate portfolio for ongoing income or diversify investments over time.Risk Management: Assess risks associated with property ownership, including vacancies, maintenance costs, and market fluctuations.Risk Management: Assess risks such as vacancies, maintenance costs, and market fluctuations associated with owning multiple properties.Tax Planning: Work closely with a tax professional to develop a balanced strategy that maximizes current income offset with depreciation, while planning for depreciation recapture and optimizing use of 1031 exchanges.