Hi Wade, Please see the thread I commented on,  I am an experienced investor in the college rental market.

I am in a college and airforce base town, this house within walking distance to a university.

I went from making a $30,000 salary with $20,000 in student loans after college to being a multi-millionaire.If you have big, audacious goals then good for you.

I don't live there but my daughter may go to the Y for college next year.

My only caution there is to make sure you are comfortable dealing with the college crowd, because Denton is a college town.

They pay the mortgage and my utilities (essentially living and owning a home for free - in your shoes you would be cash flowing).Then, depending on what you are doing for a job (or college), it'd be good to establish yourself at work and save enough for your rainy day account (savings in case you lose your job) and then start saving more for a rental property.

While I own a number of "traditional" rentals in other parts of the state, this will be my first experience in the college rentals as well as vacation rentals.  

I teach accounting at the college level. 

I've decided I would like to focus on multi-family properties simply because I don't want to pay rent when I go to college so my plan is to live in a unit. 

The next logical step is looking at the town next to me which is a college town.