I would normally pass, but the location and deal is too good.

Deal, no Deal!?

Not sure I understand what you meant:  the TENANT wants to make a deal?

Quote from @Russell Brazil: About $1500 origination fee is the typical amount I've been seeing the last year thats about as good a deal as I have seen anywhere

Money, deals, crews ? 

Good places are Arlington and Fort Worth in my view.Townhouses and condos are difficult beasts, I would prefer townhouses, I have some investors friends that they didn't want to go with a mantainance headache so they bought townhouses, but those are expensive and they are Long-term.Condos are a bit old in DFWHowever, all deals on that you would need to have an investor friendly realtor to help you with.

- Should I use my own capital up front or try to partner with an established land flipping business to fund the deals? 

This was all verbal agreement and agent did not hold up her end of the deal.

And purchasing in a high end college town eliminates any "deals".

Landlords always think the worst (and it can be true), but sometimes people go to the hospital, die, or have things to deal with.What has your relationship been like to-date?