What else is waiting in the wings to be the next reason you don't have rent? 

you can partner with a rehabber,  you can put as a down for a SFH fix it  and ret it or sale,   please let me know what you want to do,  I will be more than happy to help you 

The other option he is presenting is for me to fix all the items on the city inspector list after I close.What would you all do in such a scenario?

What I will love to do is some fix & flips instead of that to start securing those large funds for my REI, unfortunately I'm a poor college student haha.

The other option he is presenting is for me to fix all the items on the city inspector list after I close.What would you all do in such a scenario?

I'm estimating that I'll need to maybe put in an additional 15K for cosmetic fixes.

You can fix that by replacing the current one or by enforcing your policies and procedures, if you have them.What does your lease say about late rent?

Contract price is $225K and it may need about $2K in fixes.

Once the properties are fixed up they will be rented.At that point I would like to refinance these properties and pull out as much cash as I possible can from each property.I've contacted a few lenders to ask about a cash-out refinance and they don't really want to talk with me right now.

My 3rd party inspection came back with some problems, but MI fixed every problem listed.