Investment Property as First Home

[Derek VanWinkle]

I purchased a home back in June 2016 with the thought of being my first home/fixer upper. I'm 2 years out of college, and I had two friends want to rent from me this past year. They effectively cover the mortgage. Over the summer, I'll be doing some renovations/repairs and making a 4th bedroom out of what used to be a sitting room/formal living room. 

I've been thinking about the possibility of me just renting out the entire home and moving in with a friend for a year or two. With the added renters, my income from the home would be 2x the current mortgage. 

I live in a college town and 4BR/2BA homes in my area go for around $1500-$1800/mo. I plan to offer my home for $1400. Since it is a college town, I don't think I'd have a shortage of tenants. The home is only 2 mi away from campus. I seem to remember as a student that homes were pretty scarce and rented out quickly. I also help out a lot in the community and with college organizations so I feel like my connections might benefit me in finding quality tenants. 

I plan to only live about 2-5 miles away from the home (it's a small town) so I could still stop by to do routine maintenance and/or yard work and just check on things in general. 

Does my plan sound ok? Any advice you guys have? 

Thanks!