Really the only drawbacks were it is harder to cash flow with a 20 year amortization but I'm still 500 above piti and the insurance was about 1% higher but it got the deal closed and our current low interest rate can't last forever so this ARM can come back to haunt me. 

I've done a lot of research on the benefits of renting to students, as well as the drawbacks (more repairs/upkeep), and I think it's the ideal tenant for me.Are there any buying strategies that anybody could recommend to me? 

The draw back to these loans is that they are more paperwork heavy than the other "portfolio" types of loans....but if you have ever received a loan on your primary home, it's likely that you will go through the same type of paperwork here with conventional lending.

On the other hand, they'll be living with their landlord, which most people would see as a drawback.

This is why I have speculations there maybe some drawbacks to this.

Drawbacks?

The main-level bedroom/bathroom suite is rare.Perhaps the most significant drawback is that there is only street parking.

The qualifying taxpayer may still elect to treat all interests in rental real estate, including the interest held in the partnership or S corporation, as a single activity [Reg. 1.469-9(h)(2)].Drawback: The biggest potential negative associated with making the election to aggregate rental real estate activities is the effect on the complete disposition rule under IRC Sec. 469(g).

As mentioned in this thread a major drawback to Booking is that you have to use instant booking. 

The drawback is a bit higher rates.