We barely reserved payment in a property because 3 windows did not have screens...in the middle of winter.

It was listed at like 300k, with a similar type of analysis I think it came in barely cashflow positive.

They are college students, they can barely roll out of bed to do their school work. 

You have to shop for an agent the same way, do your DD ahead of time, read and understand the contracts you sign before you sign them.A 10 day close does not leave much room for error or time to digest any new or unknown info, barely enough time for tittle work.  

My qualification standard is 3 times the rent so that is 64,800 so tenant number 2 barely makes it income wise but would have less turnover. 

Therefore the rent barely covers the PITI by $200/month. 

Anyway, my best CAP rate estimate for you, assuming tenants cover electric/gas/internet, and you pay around $200/mth in water/sewer/trash, $180/mth insurance, your operating expenses for the year are $15,780 bare bones, and making your net rental income $6420.

There just aren't enough comps for multi-family in the area to drive the appraisal price we needed to cover the remodel and pull our money out, it also pushed the loan price to a point it would barely cashflow. 

Unless there is a paper trail of active participation between your broker and his ex (your client), you should be on a 70-30.

Now even though you can't actually buy property now, you can still participate in the REI sphere to gain more experience/knowledge.