The trade off was you couldn't apply to a 4 year college but this was a way for kids to get the math credit they needed for a diploma. 

I’m a business major in college right now.

If you buy in the proper STR areas there is practically zero regulation risk. 

It depends on your personal situation, risk tolerance, and future goals; and there are legal, tax, and practical implications (banking, financing, insurance, etc.). 

Are you still in high school or college and/or do you currently have a job?

My area of practice in the legal realm is trust formation for businesses and individuals.

Practice regularly so your muscles are strong and fast.

In general medical professionals are looking for smaller units (studio/1 bedrooms) not 2+ bedrooms- In order to understand corporate demand you should research the types of corporations in the market and figure out if they bring traveling / temporary workers to the area because not all corporations do- You didn't mention colleges but if there's higher education nearby this can also be a driver of MTR demand.

I've been using this platform since my college days to connect with and learn from fellow investors.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.