Which residential rental type to start with?

[Kaden Cole]

Newbie here. 

My wife and I live in Utah and want to get started in RE investing. 

We have 20k savings designated for RE and this would be our first home/property purchase so we may not even need to use that initially. 

These are our ideas- don’t be afraid to tell me I’m an idiot. Im trying to decide on one or be told to do something different. 

1. Buy a condo or home right next to either university in our county. By my research we can get a 4 bedroom newer home for 250-300k. I’ve talked to a couple experienced investors who have done this and rent out each room to students for between 450-650$/month per room. My wife is worried that summers would be unpredictable for rental income and the turnover would be too much work. We would probably live in it for the first year to avoid the initial 20% downpayment for an investment property then find another property and start renting it out in year two. 

2. Buy a multiplex, most likely a duplex. We would live in one side and rent out the other. The only issue is that a duplex in good condition for a decent price is hard to come by here in our county. But it’s a possibility if we are patient. We have even considered building one. 

3. Build a new home for around $350-400k. We would do a single level and finish the basement right off the bat with an entrance directly into the basement. Our idea is to rent out the basement from the beginning and after a year move out ourselves and rent out the top. Only issue is, I don’t know if this situation is appealing to anyone but newly-weds or alike for the basement rental. But I’m probably wrong. 

Would love some guidance on this. Still in research mode but thought I would reach out for input. Thanks in advance.