Someone more experienced may chime in, but my impression is that at a certain point, you're putting less in reserve for expenses/maintenance because you've already got a chunk of cash stuffed away, and the likelihood of "all" or even a high percentage of properties having major repairs all at the same time is much lower than one or two lower end properties while we're starting out.

I have seen investors see major success in the Section 8 markets. 

We never graduated to 506C.I think the vast majority of syndicators start out with 506Bs, easier to raise from when you have little to no credibility. 

I'm using Furnished Finders (and Airbnb) but the majority of FF leads are for 1 bedroom vs whole house.

Although we didn’t complete major renovations, Partner Driven added value by ensuring the property was in optimal condition for a quick resale.

Those major cities that you mentioned are fantastic options and have TONS of potential tenants/students, but their barrier of entry is much higher than traditional "college towns" like Lubbock or College Station.

I invest in LTRs, usually that need to undergo major rehab prior to being converted into LTRs (not a flipper, fix & hold).

Being we could do majority of the work ourselves now the house is worth well over 200k.

The 1 bathroom has the major leak at the toilet which is causing major damage under the floor.

I recently got engaged and my fiance's family own a few real estate properties that they are renting out (majority are condos in Columbia, SC and 1 in Florida).