I went ahead and joined the group and hope to attend Sept's meeting.

I apperciate the feed back ahead of time!

Just  consider this as part of the learning curve and look ahead  to many years of future  successful investments.  

If they realistically have 10-15 years of independent living ahead then buying would be a slam dunk.BTW it's awesome that you are in a place to be able to help them.

Since I don't really have much money I was thinking about using craigslist to get my cash buyers list going so I can have my exit strategy ready ahead of time before I attempt to make my first deal.

You're ahead already.  

The $20k I got was from a home equity loan at 5.75% on my personal place, $260/month there.So I am cash flowing roughly $800/month from day one.....with repairs ahead of me....I figure with new baths and fresh paint and all little things done, hopefully no roof any time soon, I can raise the rents to 700 each, giving me more like $950/month cash flow.Should I do it?  

I went ahead and applied to get a feeling about the rates.

I just go ahead and do it as the only reason not to is if I'm trying to hide rental income from the IRS.  

I really think with the "college kid" scenario that I mentioned in previous post shows we as buy and hold landlords have a bright future ahead us.