They may keep a few hundred in your name for small repairs.

What type of repairs does the home need and how much are the repairs (breakdown the amounts for an easier decision process).Here is what you could potentially entertain if the numbers work: take the house "subject-to" and do a stack and wrap.

Such as vacancy (BP says he estimates 5% generally based on his experience but I lack that experience as I'm a first time rental property owner), Repairs/ CapEx, and rehab budget. 

They have been slumming, they are hitting rock bottom financially and repairs are reaching the point of being a real liability, or the reaper is calling and they need to exit asap in their old age.. normally all the above!

Lots of contacts available here and a great place to post any question you have regarding properties, repairs, finance, tenant relations.

MAO is wholesaler and flipper speak to buy at 70% minus repairs.

First of all you don't have as much control of your expenses, and HOA's love to under-collect annually and then sock you with large one-time special assessments to do repairs.  

it's because  they just dont want to deal with the repairs of the property and also don't live in the area

Plus, you’ll end up managing tenants, repairs, etc when I’m sure there are better things for you to do while in school.

But I'd like to run the numbers in the scenario as I move out after 2 years living there to check the cashflow- Financing: owner occupied conventional loan - Downpayment: 5% - Interest rate: 4% - Loan period: 30 years (fixed) - Vacancy of 5%, Repairs of 5%, Capex of 5%, and PM of 10% - I assume I can get 10% discount based on how long it's been on the market (purchase price of $719,100) - I used Realtor.com from the link and based on purchase price of $719,100 it gives me prop tax of $749- I relied on the listing agent data of $92 per month for home insurance - I relied on the listing agent data of $112.50 per month for water, $112.50 for sewage, $95 for garbage, and $60 for lawn care (assuming the tenants pay for their own electricity and gas) - I left PMI to be 0 since I do not know how to calculate this Result: Based on assumptions and MLS listing, this property cashflow -$1,280.00 (aka, a horrible investment).