I was in Korea a few years ago and they have a system where the tenant pays a bunch of money (like half the market value of the property) up front and live rent free.

I've heard of a few Newport residents transplanting to Soldotna.

If cash flow is your main goal you can live in a little more low income area to cover or exceed your mortgage but it likely won't be one of the most desired neighborhoods or your top pick of where you could live. Really

From my experience, it's best to attend live real estate events and build trust in person to secure these types of funding sources.

The only way I would change my mind is if you live really close to the school, love learning, and just have a bunch of money and time to spare taking the two years worth of courses or however much time it would take.

I’m a transplanted L.A.

I live rent free in family accommodations but I am a part time school teach and have a modest income.

Imagine collecting rents in bulletproof vests and you got to carry a gun...Imagine fixing a property up...securing it with steel doors, putting security cameras but the security cameras get stolen and even the steel doors get busted and stolen...Imagine dealing with renters who know the system and know how to live rent-free...If you can imagine all that...that is having a rental property in the war zone.Listen to my podcast: http://Biggerpockets.com/show65

You may have to work harder and think outside the box --be creative.I also assume that you are still single and no kids-- so you can live cheap for few years --no new fancy cars and no TGIFs --- Saying that --the best idea -- specially if there is no hope for job in your field in your area or if you dont want to do job -- you can stay on campus ( part time student ) or near campus --and live real cheap- and concentrate on doing some deals make cash --have a goal to have $50,000 liquid cash in three years --Next - Find Investors / Buyesr or Silent Partners first --that could be doctors, dentists, lawyers, your professors, advisors, parents, unlces, parents friends , other relatives, some rich students in your class -- Prepare a small business plan --strategy -- so you can explain and convince when you meet them.

I'm not a huge fan of that deal since rents in that area are about 1500 for a 2 bed 1 bath and that's if you aren't even living in it. check rentometer for comps (I live/rent a duplex near you closer to Seattle though) If there is enough value add potential you could be ok but even then I don't see any cash flow.