Sometimes the best deals are the ones you don't do.General Tips:  If you have the ability to manage a small 4 plex when you start, it can be an invaluable education. 

Hello @Peter Mckernan, These tips are very helpful and will definitely use them on future listings.

I'd use an approved underlayment.Pro Tip: If it's cheap, it's not good.....at least spend in the moderate range.

I intend to rent out the units by room to college students (does it sound like this would work in this area and what are some general tips/things I should look out for?).

Welcome to the community and be ready for a huge amount of information at your finger tips.

I would love to have some clarity and steering in the right direction as to the best source for FHA loan information and caveats, as well as any tips for a 22-year-old single investor planning on house hacking for my first real estate investment.

Just a tip - make sure you don't just look at the current property taxes. 

You also mentioned you started pretty young, I am 18 and just purchased my first college rental, any tips? 

I do currently rent out a condo, fully furnished on furnished finders, and that has gone smoothly.Any tips, advice, etc accepted! 

It sounds like my refrigerator/freezer is passing away! I would love any advice on landlords' favorite brands or models that last well and are not complicated. And are there any tricks to for the purchase as a landlor...