Gross is just under 60k.

Just like clothing retailers offer their employees large discounts when they buy for themselves, but that doesn't include family and friends.

Often the MD's can put a staff member in the home to live (to which they collect rent) while running the office as an employee.

There are dozens of employees that run the site that need to be paid somehow.

I found high paying jobs so I didn’t have to be a slave employee in a college town making nothing but minimum wage.

It sounds crazy, but the reality is that the NP/TO area is always in such high demand over the decades for all the reasons I mentioned before, that any little micro-migrations out of the area are indiscernible due to the ever-present demand of people wanting to move here (plus, many Amgen employees are simply poached to another competing pharma employer nearby, so they don't go anywhere.) 

Your analysis is missing operating expenses.If gross rent is $1500 assume expenses including management to be 50%So you get $750 per month Before making the mortgage payment.You will have a negative cash flow of (-$650) each month.I would suggest you look at developing your investment skills to recognize a positive cash flow opportunity using your $40k as a downpayment & reserve.  

I thought it would be a good start for me to acquire my real estate license.e  As a full time employee in construction, I want to pursue my education through online schooling.

My realtor agent referred two PMs, who would only be interested with full service charging at least 25% gross rental commissions.

By giving your friend pay stubs you are claiming he is your employee and you would be subject to specific rules, taxes, and regulations.