I merely want to know about reference materials on this subject and is my idea doable? 

Thanks to unlicensed brokers I got a deal....Thanks to unlicensed brokers grandparents missed the birth of their grandbabyhttps://www.biggerpockets.com/forums/93/topics/354452-got-offered-a-10k-assignment-fee-unsolicited

You mention the owner has paid $70k on the mortgage but that isn't a number that matters (since who knows what interest rate he's on or if he's made any extra payments), what matters is what the outstanding balance is on the mortgage and can you offer them a purchase price that is A) Fair to the owner, B) Helps them sell with some amount of equity and C) Gives you room that it financially makes sense.The numbers change based on if you want to flip it or rent it, making the question "does it make sense" different based on the direction you choose.In short, I have no idea how much I would offer...

Buying a college rental could be a great idea, if your going to college that is, that's up for debate elsewhere on the BP forums.

I've pretty much thrown out the idea of the 45k unit.

Gives you a good idea of what folks are paying for similarly-sized rentals in the area.

I have bid the foundation out but the prices are all over the place, at this point I have no idea what to price this out at. 

Call  ------Hope these ideas will help you - call if you want me to give you some more tips.Charles

If you think it's a good idea for someone just starting like me, what are the best tips you can give me on finding motivated sellers and buyers? 

Is this a good/bad idea?