Aaron, I don't know if students are a protected class, but you can have rules in place that would probably eliminate the vast majority of students from consideration.  

My rule of thumb is that if your purchase plus rehab is 70% of ARV and that's what the lender will loan you then you still need 15% of ARV of your own cash.  

Offer was based on receiving verifiable repair estimate)If using the 70% rule, $50K (or mid $50K) might be justifiable but not without concrete repair estimate.

Other than your estimate of an ARV of $500k (vs $350k for outright purchase and rehab, = just within the 70% MAO "rule"), what would be the ROI for any end-investor that you might still be searching for?

this would be my first deal and i am not sure if its even worth looking at.listing price is 795,000 (i would offer lower) which is comparable to sfh in the same area.first unit rents at 2400 1b/1bsecond unit rents at 1800 1b/1bthird unit is not permitted and currently rents at 800(this would be my residence in a house hack situation)property tax is 3300 a yearthis is a older house that has been maintained(new roof/siding/kitchens)with little experience i would say this is a b+ a- house in a B B+ neighborhoodproperty is in downtown Napa which gets a lot of tourist activity vacation rentals go for 300 per night averagefinancing is through a partnership passive investor using 200,000 down to get tradition financing title will be in my nameit must be noted this is the first house i have seen with any cash flow. listing prices are high, stock is low and people buy for appreciationthis house is nowhere near the 50% or 2% rules am i crazy for looking at itthanks in advance and let me know if i need to give more infoCasey

Does the 50% rule scale well in baltimore city and county area, Maryland?

Then also add little metrics like the 50% rule and 1 or 2% rules as rules of thumb.

you cannot get a 5+ unit with VA Financing, but 1-4 is acceptable.VA guidelines allow use of 100% of rental income to qualify (they dont have a 75% X gross rent rule that conventional does).This is a big advantage over conventional financing where the rental income would have to be discounted to 75% of gross monthly and "then," used to qualify.

I am very interested in digging the game rules on this land and starting my dream along with all of yours.

I don't know If I understand the rule about co-mingling business expenses with personal but i thought its wise to keep completely separate.