Find a property, develop it, live in it, rent it out and then repeat.Another approach, which I believe may have already been mentioned is to find a mixed use property in lieu of just focusing on a 3plexAnother approach is to find something near one of the universities and run your rental analysis as if you are renting by the room at dorm like prices in lieu of renting each unit individually. 

Also looking to hear from anybody who has thoughts on the rental market in close proximity to major universities - I recognize the challenge of college students and the sometimes problematic care and need for repairs (that is why I am hoping to target the graduate/PhD/Med student population who might be less-centered on partying and more centered on academics and being responsible...pipe dream?

The best wholesalers are local home buyers, not virtual wholesalers.

It's one of the larger cities in Arkansas and is home to Arkansas State University. 

The easiest way to add a unit in virtually all jurisdictions in CA is by adding an ADU.  

Prices might definitely correct themselves over time across the country, but I don't see any projections of them going down 30-40% anytime soon and all the projections I've seen, prices are going up.But with rents being so high, and prices still relatively low, compared to a lot of other markets in the country, my experience in this market doesn't lead me at all to believe the bottom will fall out anytime soon.If you've been in Northeast Ohio over the last 5 years you can see for yourself how much they've built up the downtown and University Circle area and literally have poured billions of dollars into it's medical infrastructure, which is one of the best in the world, creating thousands of high paying jobs and people willing to pay high rental prices.But I do agree with Nathan that it's all about having the right team and property management to be successful in this market. 

I have decided to focus on Memphis, TN (specifically 38111 zip code where the University is located). 

Anyone investing in College Park?  Pros?  Cons?  Thanks!

Just wanted to introduce myself, my name is Joseph Warren and I am a Wholesaler living in NYC, but working virtually in Florida (Tampa, Tallahassee and the Cape Coral/Fort Myers areas).

The Universe has a way of unfolding as it should in those matters.