Just keep your head down and spend the next 3-6 months learning and networking and before you know it you'll be ready to move on your first deal and have the knowledge and confidence to know you're making the right decision.

Spend some of your free time in the market that you are interested and get to know it a bit.   

You spend just as much time on these low end as high end with greater cash flow. 

Very little legal protection for either of you in the event that one of you skips town.

You can then try to get a judgement if it makes sense to spend your time on that.

Converting to storage- I guess you would need someone to be the gate keeper and you would also have to fence the place in to keep people out and protect whatever is parked there. 4.) farmland- In santa cruz this would be gobbled up as a hobby farm but out here in the valley 2 acres is not really something a farmer wants to mess around with in regards to farmland.

You certainly need to spend time learning how to check someone's math, don't necessarily take their word for it.

Unless you are counting great price appreciation, why spend 700k for a 2 family when I can spend the same 700k for a great 6 family unit in at least a B area Chicago. 

Spend a few weeks here listening to podcasts and reading articles to understand how this all works then jump into it.

So my shorter term goals have changed to include making enough rental income, along with my savings, on our first two properties to spend a month exploring Europe within a year after graduation.