So I went ahead and became one.

Check their terms ahead of time so you don't cause your self to get into a bind.

(like it's as if no notice was needed because the term was defined ahead of time.. but I would in the future still make sure you give a notice of non-renewal or you could be stuck as a hold over month to month tenant. 

However in most instances, you're still ahead holding put for the higher priceTo add another perspective on this; I was looking at a hard money lender's loan application and a question was, if you would be selling the property at below market to ensure a faster sale?!

Just don't expect to find the info from one source and plug it into a formula to get and answer.

We all have different markets so I just thought there was a formula that investors/ sellers went by. 

A common formula is offer 70% of the after repair value minus the repairs needed. 

Another thing is thinking ahead as far as space and what not - it would be nice to eventually get into either a larger townhome, a SFH or perhaps even a duplex.

Thats why you buy it right ahead of time just in case they adjust it. 

Becoming a real estate is a great way to learn the culture of that side of real estate - what you won't learn at Realtor School is how to invest - creative financing and making money.What you will learn is how to keep from getting sued - how to use their forms and making full disclosures.Learn the business from their prospective - but keep in mind (before you become brained washed) that your real goal is to become a successful investor.So - follow their rules - but start to study real estate investing - get a mentor - go to auctions, tax sales - foreclosures - make offers on expired listings.So to make your broker happy -- list a few properties and sell some also.Apply for a credit line, check protection and set up some joint ventures with friends and relatives.You WON'T make that much as an agent - but you'll become wealthy if you learn how to CONTROL and ROLL real estate - make sure you learn advanced creative real estate formulas and use those principals often.Good luck with your release from incarceration of employment.