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!!!

[Tanvir Sattar]

@Pete Silan My clients have told me things usually run very smoothly when their child is living in the property for the first 1-3 years. It is after that they sometimes run into issues. I'd advise trying to work with your son to find  underclassmen from your hometown or surrounding neighborhoods after he graduates. This gives you an added layer of protection since Mom and Dad (co-signers) know you are local.