The only hard part is doing your first deal which I myself have not done yet.

However, we have a couple of student properties which rent by the room - target clientele is predominately international students - and have absolutely no problem filling vacancies at these properties in winter ... particularly the start of winter/spring term in January, which is about the time some folks decide they do not really like their roommates who party all the time and are looking for a new place to hang their hat.

If you use a commercial broker, make sure they represent you alone in the transaction and not both parties (dual agency). 

Of course, I was the one applying for the U&O; not sure how it works when the seller or some other party applies for the U&O so you should ask somebody at that specific township.

You need reserves to hold properties.Your area market vacancy is relevant to cash flow assumptions but not to reserves or holding costs.Consider these aspects;Tenant has a crack party and they get busted and the health department shuts you downFire damage, you don't get an insurance claim paid the next day, I never did.

A neutral third party- possibly an attorney. 

I know that repair value (barring the inevitable unknowns) can be influenced by condition of the home and property, area similarities (meaning, if your comps have granite counters, then your flip needs to have granite counters), and budget.But, what do I really need to know?  

Every week number of properties popped-up in MLS on Thursday/Friday ~250 or so and on Sunday Pending bar goes up till ~220.

@Greg F. yes, 20K - 70K depending on the classes and days you attend and parties, etc.

I think the bank idea is way over used by gurus and bar stool folks trying to talk loud.