I don't know much about real estate so I need guidance on whether to look for a single-family home, a town home, something near colleges, etc. given that I will have a very limited budget.

Yes....apparently @Jonathan Greene and I have 180 degree views on how to get the best BFYB. :-)It can work either way or many other ways to be honest.

Definitely an interesting idea, but I think you have to either have some property management who has experience / knowledge with managing properties like this or some personal knowledge / experience running these types of properties.I also think there is good opportunities around college campuses like Kent State, Toledo, Baldwin Wallace and rent out per room to college students. 

Could be different outside of little Bryan / College Station 

I'll be 55 this and our last one graduates high school and will go off to college this year. 

For reference, I currently live in San Francisco, CA, and am willing to relocate anywhere if the opportunity is right, but preferably would love to find something up in NorCal.I am a military veteran, but I am currently unemployed to go to college using my GI Bill as a source of income.

I also have my degree in real estate finance from SMU.

Joe, I see what you’re saying to some degree, but it’s hard to fathom that you buy every property you make an offer on.Did you mean that you make an offer on every property that meets your buying criteria and you only look at the property after you get it under contract?

Seems like a bunch of college kids running the show in between smoking a lot of weed over there.  

How ever I do have a problem units are in a small college town and property manager is great but doesn't document the units as well I would like.