College student rental property

[Pete Silan]

My wife and I are very interested on purchasing our first investment property.  We are thinking of buying a town home or condo for our college student to stay at and renting out the rest of the bedrooms to other students.   To anyone who has or had done this, please share your pro's and cons. I have read many horror stories of college rentals. But I am sure there are plenty of positive stories as well. We are planning on hiring a managing company for this property. 

Thank you all!!!