Ideally, we would want them to pay for the fix or a new one, but what would be realistic in a situation when we have proof that the inspector didn't inspect something properly?

However I think it would need a lot more management and I get that college students would not be ideal for maintenance.

This is an ideal way to have extra liability protection and manage partners holding assets in other cells.

That's just not my style, not my ideal life.

-Aaron  Ideally I would like to focus on those areas that within 45 min drive from me.

Assume the location and everything else is ideal, just for example.. if Realtor.com's numbers are accurate then a 15yr loan (they include prop. tax, insurance, and HOA) would be $524 a month.

Finding out it is owner occupied is great news because you know you will not be subject to an existing lease obligation   However, they might be the ideal tenants, if they can prove they can afford your rent.  

I am also the father of 3 with #4 on the way, so buying one and moving in is less than ideal.

Trulia market trends (post 2000 data: neighborhood, zip, sometimes can filter on Num beds) are not ideal, but they are the best that I could find.

Ideally I'd like to start out by getting some experience in rehabbing and flips, along with building a buy and hold portfolio for the long term (whether locally or out of state).