If Bruce Norris is correct and the prices will go up 20%/year in next 2 years (I assumed that the property is in Riverside), then you may be lucky and make some good money.Maybe a lease option would be better, if the price goes up you exercise the option, if it goes down you lose the deposit?

After buying my first property and assuming I have begun to turn a profit, how do I go about getting another loan for another property afterwards?

Aside from whether it's a good deal or not...when a seller says he is willing to let you take over his payments, he is assuming you become liable for those payments and the loan.

Based on the fact that the property taxes where $540 in 2012 and the tax assessment has dropped from $22,360 in 2012 to $13,350 in 2013 am I correct to assume the property taxes should go down this year?

I'm assuming you're in Vancouver.

I assume other houses in the same area are also far from public schools.

I assume you're a rising Junior with at least 2 years left at school in SC?

Complexes with too many non-owner occupants could suffer from a sever value loss as it is assumed that an investor will walk away from an investment property before walking away from a primary residence.

Ocwen makes close to $750,000.00 Cash on every $250,000.00 Foreclosure it assumes!!!

So I will assume $80K is doable.If you can live on $25K gross income, that means you are extremely frugal/resourceful.. and that your costs at at most $25k (unless you are living beyond your means).So Now you are $80K income, say taxed at 30 = $54K net - $25K = $25K of annual savings.