College Housing House-Hack As a Student

[Russell Bundy]

Hello everyone! I'm a 21 year old college student at Utah State University. I love real estate and am devouring anything I can find on the subject of investing. My extensive real estate experience consists of 1 flip.

I have an idea and I'd like to test the waters here in the forums. In Logan, Utah, there are many houses surrounding the campus that are zoned as college housing and allow many students to stay in the same house. They are built with lots of room for parking, many bedrooms and bathrooms. They are like a co living situation, specifically ideal for college students. I'd like to house hack one.

These homes rarely go on market, and when they do, they are for a premium (600k+). From what I've gathered, rent is ~$450/person for a shared room. There are often 12+ students living in each of these homes. This type of property has the chance to cashflow, even highly leveraged, in a market where cashflowing properties are quite difficult to find.

Could house hacking a property like this work while I am going to school? 

As far as financing, I have considered 1) an FHA loan with a cosigner, and 2) going off market and approaching many owners about potentially seller financing.

Any and all feedback, advice, and info on potential pitfalls would be appreciated!