We are thinking of buying a triplex or quadplex near one of the hospitals and attempting to rent out two units as long terms and having the third and/or fourth be short term rentals for about a month for students on rotations there (this is subject to change depending on where I can get the best deal).  

The best one, in my opinion, happens Monday night at 6 o'clock and the location rotates each week.

If you don't have enough funds to invest otherwise it will put strain on your cash flow since 401k loan is amortized over 5 years and you have to make P&I payments, which will be significant for a short term loan.

Ideally I’d plan on renting out the 5 bedrooms to nurses that work at the hospital up the street who rotate in and out and keep the first floor tenant long term.

We are considering doing a management rotation since by week since we both live relatively close. 

Personally I love doing it, although the recent eviction moratoriums made it a strain.

STRs do have liability with the rotation of guests so its important to ensure the liability is removed from you as the owner and contained in an LLC. 

. $270k with a lender gives you ample leverage (you can still profit with a mortgage), $270k all in would be a strain on most investments - considering the markets you're searching in. 

And the handymen that are in bad financial positions (not that bad things happen to otherwise very responsible people) tend to be a strain on projects more than an aid.

I am sure it must be straining to live out of a suitcase and at two different houses.