It's not a terrible strategy except you tend to end up with broke, desperate tenants because those with reasonable funds would prefer cheaper rent and a returnable deposit. 

Typically for out-of-state investors, larger markets with more stable job and housing markets tend to be less risky.

I tend to agree with the sentiments of most of the postings here.  

You can rent by the room, which can maximize rental income.Parent Guarantees: Many student leases involve co-signers, usually parents, which can provide additional financial security.Low Vacancy Rates: Due to the high demand, vacancy rates tend to be low, especially if the property is close to campus or in a desirable student neighborhood.Flexible Lease Terms: You can structure leases to fit the academic calendar, which means you can adjust rents annually based on market conditions.Cons:High Turnover: Students typically stay for shorter periods, leading to higher turnover rates.

I would stay away from owning a primary residence with multiple family members, it tends to get really hairy down the road, but owning an investment property with family members is less hairy. 

Areas tend to get blocked when a driver gets robbed or something of the sort.

A strict HOA is probably more likely to cite you for HOA violations, as tenants tend to care less about the condo that they're living in than a homeowner would. 

You're generally seeing $150-$200/door unless you do a really strong BRRRR and pull out most/all of your capital (then it tends to be less). 

As mentioned above, S8 properties tend to be in bad locations.

If you think rates will be consistent for the next couple of years and you'll have consistent deal flow to use the funds I would tend towards doing a cash-out refi on the existing property that you own free and clear.