How to get a second place for my college age kids!

[Candy Kimbro]

We lucked into a rehab project and successfully run a short term rental in Bell Buckle TN. It has approximately $200,000 in equity and currently cash flows about $1500/mo ( we split this cash flow and equity 50/50 with my mother that is my business partner).

We have 3 kids and the oldest is about to go to UTK for college. We are interested in acquiring a property that she can live in starting her sophomore year and hopefully have roommates pay for the mortgage.

Any tips on the best way to finance this? We dont have cash reserves, just equity and cash flow from the one rental. Should we somehow help her make it her property as a first time homebuyer since she is 18 and she has $6000 saved up? Should we buy it her freshman year and let others rent it before her or wait until she can move in? We live 3 hours from Knoxville.

Tia!