It is easy to get distracted by college life and kudos for you for taking charge of you financial future :)

The subfloor and wood frame also doesnt seem in great condition so could be looming problems in the future.

A better alternative for future low down payment primary loans could be the Fannie Home ready loan.  

When you are buying a house for future rent purposes you have to evaluate morgage and other expenses versus potential rent.

Check your local planning and zoning to see what projects are already slated today and in the future.

Tag me back if I am missing something and maybe I can suggest something else but based on what you described you are in the loan you are in for the foreseeable future.

At closing we didn't close after the discovery and the opinion of the inspector. 2 days later they sent a termite inspectors to get under the home and photograph the floor joists etc. the inspector again said it was faulty and would potentially cause issues in the future.

I am in no way advocating that people need or should sell their rentals its a personal decision on my part. at one time I wanted to own 5,000 doors and had things gone a little different I might have actually got there.Now other opportunities have surfaced over the last 5 to 6 years that are more fun for me.Also my kids Grand kids have no real interest in landlording.. and I have invested in path of progress dirt in some stratic areas that will more than take care of their future schooling and other needs and if one comes in .. they will actually probably be set for life with no work on their part.. just sell to a big developer and call it a day.. those kind of deals have about ZERO interest to most on BP who are cash flow driven or think or want ONLY cash flow.. so no need to even go down that road.I do believe and have seen over the years that 75 to 80% LTV if you have to liquidate is really no equity at all.. given sales costs buyer credits home inspections that require work up dating and recapture..

I personally would want a decent cash flow and not be dependent on any future appreciation that may or may not happen.If you want to use a PM then add that into your analysis and make sure it works with this extra cost.I have always been told to add in the cost of PM whether you do it or hire it out.

You have to start your savings regimen all over again (because you won't be able to refinance in the foreseeable future to get your deposit back)!