Hey @Diana T., reach out to @January Johnson.

Hi Kmsuea, it all depends on your commitment to actively looking for and purchasing a property. 

you can find all the info online"...it's like, no sh*t you can...all the information ever is online!

One thing that could really help is creating a detailed scope of work before committing.

The advantage of Reg D over relying on the general exemption is (1) if you comply the SEC can’t come back and say you should have registered and (2) if your sued by a disgruntled investor you have a definitive defense, which means an attorney is unlikely to take an investors case on a contingency basis - unless fraud was committed.  

I know this next part isn´t popular in the STR world, but..

If not you might be stuck with the work and the commitment to doing it since the city would be the ruling party.

As a college student landlord you may have interaction with parents & if they find you unprofessional that may raise red flags, but if you have your s**t together you can ease those concerns.I am a big fan of college rentals.

With the new commission rules you can stay flexible with an offer of buyer agent commission, rather than having to commit to a certain percentage going to the buyer agent upfront. 

At 23, your unfair advantage is time that is not constrained by collecting commitments of a family.