The problem with this deal is that the seller wants to walk away with enough money to either put a down payment on a cheap condo or at the least, be able to move into an apartment. 

Someone looking at my apartment said her mom pays her rent.

I am a part of the whole search, vetting of the property, the offer, etc. 

Hello BP,wanted to have your insight when you guys run your numbers and also how you adapt as interest rates are on the rise.I tend to follow @Brandon Turner numbers (100$/month/door & 12%CoC for apartments).

My advice would be find a part of investing that interest you the most and start there.

However I wouldn't mind trying it out to generate more income on a part time basis, while I'm still studying/reading real estate investing books.

After they see and like the apartment and BEFORE you interview them. 

We own one unit in a four unit condo complex.

One lives in Williamsburg, a Millennial 'ghetto', and pays $2500/mo for a ONE BEDROOM APARTMENT! 

@Shani Servetter Since your credit isn't the greatest I would probably use that money to flip some houses out of state or somewhere more price favorable until you get your job/credit situation figured out and then move into value add apartment buildings to hit your cash flow number with all of the cash you made from flipping.