My goal right now is to pay off my student loans over the next 6-8 months, then start investing in single-family or small multi-family properties.

Hi @Ralph Noack, this is one of the main reasons student enroll in my course at UofT.

I am currently a student in college and over this past summer I came to realize that I really want to start a business.

If the property has under market rents, cost savings to be had, and other drivers to blend the cap rate up besides annual rental increases then they will look into the 4's for going in cap rate.Lately more focus has been on student housing and senior housing as cap rates seem to be higher and potential for rent growth over time seems to be better versus regular multifamily is almost peaking for rent to income ratio's. 

College town 70% of rentals are students.

Student loans are debatable as they can be forgiven in the event of death, disability or certain employment sectors.The opportunity cost of accelerating the cheapest debt out there (your primary mortgage) can be high.

She still has this whole year of high school left so trying to figure out if I should charge her rent while she's a HS student or chalk these next few months up to charity.

Closing on this home in April is usually a bad situation when trying to fill a student rental property. most leases are signed in October the year before hand.

I am a full time college student and in realestate school attempting to get my license.

I would be sure to ask them how their students are doing in a market like the one you are trying to enter so you know you are working with relevant information that is proven to work in your type of market.