Any thoughts and advice on using this method would be great!

Saving money is the easiest method to get started on your own.Money makes money.

Since I will be attending graduate school upon acquiring this first deal, I'm looking to find more of a turnkey property to both have experience with a first deal and also to utilize a creative method of paying for rent during school, I just won't have the time that I'd like to do hefty renovations.Any and all suggestions would help!

In general, buying using the method you are talking, will yield the least amount of cash flow per month and the lowest returns (other than cash).

You might want to double check on the quit claim deed transfer method - usually is not transferring the title insurance.

That is the other issue, I can doing the refinance to get the cash out of the property to buy another - BRRR method. 

I think the risk is much lower imo since you have a secondary method to screen (S8 office) and guaranteed payments, but that part is certainly debatable.

But it isn't something you can simply walk into and have any level of confidence that you've done it correctly.

I’m not sure if this matters in your state, but check to make sure the correct name is announced at the auction for the owner. 

Don is correct, Jack and Michelle are wonderful and their group is a great place to be.