I did not want to chime in, but @Shawn Regnier targeted me specifically and even reached out offline, so I guess I have to. :)First, I wrote this loooong post on tax strategies and on abusing them.

Im not a college rental investor, but if it were up to me I would target an area that is safe, clean, high traffic, and a large university. 

Quote from @Chris SeveneyAnd a moving target. 

I personally say yes, as you can target direct bookings much easier.

I think your biggest barrier is finding an asset that will meet DSCR requirements in your target location without having 40-50% down.

At my company, Showplace, we've identified several key strategies that significantly impact vacation rental success after setting up over 800 homes in the last 3 years:Thoughtful Design and Amenities: Creating a unique and inviting atmosphere tailored to your target audience can make a significant difference.

The primary reason a lot of people move on to bigger deals (80 units plus), is that it's possible to own larger properties in markets that make economic sense but may be far from where you live. 80 Units seems to be the target so you can hire your own full-time property manager and maintenance person, versus relying on local property managers to manage smaller multi-family properties on your behalf.

It depends on targeting the right demand.Owning offers appreciation, but arbitrage provides flexibility without long-term market exposure, which some investors prefer.

We enhanced the property's value by investing $6,000 in targeted renovations, including necessary repairs and updates.

How they target the people.