There are some serious housing perks with my new job offer: 1) $150K in a 0% interest forgivable loan for downpayment (10% forgiven each year 2) a special home loan program that is currently lending at an interest rate of 4.1%. 3) Can join a waitlist for on-campus faculty housing that is sold for at 50-75% of the fair market value consequently when you sell you are capped at how much you can sell for; waitlist for these homes is approximately 7-10 years and you can stay there until you die).

Do you have someone who can stay in it (or yourself) while it is vacant?

You can not partner with relatives or have them do any work on or stay in your properties. 

While traveling back and forth to Philadelphia, I stayed in a rental in downtown and met a real estate agent in passing.

Stay safe in the forums haha.Good luck!

To stay away from that, I've kept it to two, up front fees.

Determine how much money would be needed to handle each risk, and determine if you have sufficient liquidity / cash flow to ensure you can “stay in the game”.This is of course in addition to all normal “due diligence”, financial forecasting, etc. 

This is all fresh in my mind because I'm currently working with a borrower in TX who is using this type of entity structure.

Most of my clients buying STNL or MTNL stay in certain price ranges.

They typically do not pay their portion of the rent, do not stay very long and without fail trash the property.