So, your analysis says there is absolutely no reason to buy it unless there is information that you gave that is not the whole story or incorrect (did you mean 292K?)

Essentially, high rents mean that the absolute dollar value of each of those things are high - real high. 

The wording on the NOLO page makes it sound like you are correct, the clock starts ticking the day you hand over keys and vacate, just make sure that is the current CA landlord tenant laws and not an outdated version.The Landlord should absolutely have to get involved in the security deposit, but I just re-read this and see there were roommates.

@Patrick Cruse this was a house in Fletcher Place, it really depends on what you want to spend in most cases after you fix the things that absolutely need fixing. 

Hello!! This is my very first post on BiggerPockets! I want to start buying investment property to build sustainable wealth. I live in Baltimore and I'm wondering what areas in Baltimore city are best for a buy and ...

I absolutely love the investing side of RE.

Absolutely have the parents co sign the lease unless of course they are financial independent, which is relatively rare for a college student.

I believe an FHA loan requires you occupy the property for at least 12 months. while you need to double check this, if accurate, it means at month 13 you could buy another place, FHA insured at 5% down, and pick up a second property. that is a strategy you could implement over a number of years if the math works. as for a multi-fam that allows you occupy one unit, vs. single fam house or even condo, it just comes down to math. there is nothing wrong with having a friend or random occupant rent a bedroom from you, as long as the rent reflects fair market value (so I don't agree that charging a friend rent "could strain the relationship" - unless you're over charging of course). beyond all that, it is absolutely critical, obviously, that you screen your tenant / roommate rigorously - and living with "friends" isn't always a good idea. create an excel spreadsheet of these three verticals, any others I may have missed, with math predicated on what your local market reflects and feedback from lenders and see what it looks like. 

Absolutely listen to your CPA and for that reason, just make sure you give him all the correct data, he's not responsible unless you give him the proper information, like personal property placed in service for you business concerns.So, when the fridge blows after years of service with prior tenants, you sting the current tenant for the cost of a new one?

If you as a listing agent have clients with abnormally high carrying costs (HML, etc), meaning that time is money in a very real way, you should absolutely be making those phone calls and treating it like what it is... a job interview for the lender.