I am looking at buying my first rental property and debating between a single family or VR.  

You can search "2% rule" here on BP and read hours and hours of debate and so forth regarding the validity of it.  

Wife says no, but I can tell she is debating it in her mind, I would like to do it to try and help start/continue developing the area.  

I am closing on an 8-unit shortly and have been debating back and forth on this one. 

How much cash reserve one should maintain is up for debate but, from my experience, most investors agree a minimum cash reserve of 5K (emphasis on "minimum") after closing, which you should budget 5k for. 

The debate is endless here on BP on what is the best strategy, I'd just pick one and go.Bear in mind that they do cost money.  

The LLC debate rages on here at BP.   

This is a great place for friendly debate, and the knowledge that you demonstrate in support of your view might attract potential partners.Add value.

I've been listening to other podcasts from BiggerPockets as well and its got me debating on whether or not I want to rent to college students and have them as tenants.

After much debate and conversation he says, "what you should do is have all outward facing sides built with plywood not particle board and that would prevent this from being an issue in the future".