The cheap houses are tempting; however, if we're on the other side of the greatest run up in home price appreciation in my lifetime, and a property can still be had for under $100k, the appreciation upside is going to be very limited. 

STR is a hospitality business first, and a for-profit business second (if you want to succeed).

Since I’m still in school I don’t have much money, I’m trying to learn as much as I can about real estate so that way once I get a job out of college and a steady income I’ll know what to do with my money.

And a reminder of our appraisal and rental documents for acquisition that everyone should have access to fill in and view when doing your research. 

I've done a lot of research on this topic as both an investor and as one who assists other investors in exploring this strategy.

I have lots of experience in all types of single-family investing, small partnerships in multifamily and commercial, and a vast knowledge of construction.

Overall, you're spending $25k in extra costs and a monthly pmt that's $500 higher to keep $50k in your bank account. 

This sounds like a home run and a great first purchase!!

Depending on local regulations, you can mix up STR/MTR/LTR. 2) Get systems in place in those exact cities; 2 PMs preferably via NARPM, 2 high quality inspectors, and rotating book of handyman, 1 lawyer, and a credit union contact for leverage along with investor friendly nationwide lenders.

For family life, there are great communities with good schools and a lot of kid-friendly activities.