Considering Purchasing a House in a college town where housing is limited

[Kevin Busson]

I am about to finish college and will probably work at my school for roughly a year. I am brand new to real estate and I think I found a good deal to where I could buy a house with the FHA loan, or regular loan. It is 4 bed and 2 baths listed for $170,000 in a town where housing is very limited. I am confident I could rent out 3 of the other rooms for $450 per room and have a cash flow of $100 while putting aside $200 each month in case something goes wrong. My concerns are; Before I purchase the property what people do I need for all the inspections to see if anything is wrong? Also if I leave the area and move far away for a better job a year from now, I would then have a cash flow of roughly $500 each month but how would I get someone to manage the property once I leave in case something goes wrong? I don't think it would be an issue to find more renters once I leave through advertising at my college and through clubs. However who would handle all that once I do leave? I would love to share more details and possible receive help from someone who has more experience and a better insight. Also if there is a forum or anything/anyone with all factors to consider. I would love to take a look at that if someone could point me in the right direction. I like to assume the worst and I believe as of right now, the worst is I have a $1,100 payment per month if nobody rents which I could manage. Again, I am brand new to real estate and trying to figure it out and any help or advice is really appreciated.