One other option is for one party to hold the title, and the other to hold a long term lease, which could be up to 99 years, with an option to renew.I learn this work around when I took real estate courses at the NYU school, and the Professor of my course, a pro in the business, served on the local real estate board etc., was also the leasing guy at his family owned real estate company.

Not all the properties qualify as off campus housing, some are for non students (professors, locals, etc).  

Maybe grad students, professors, etc. would be a safer bet. 

I have been thinking about investing in rental units ever since my college professor showed me "the perfect tax return" (it was his own) and explained his investment philosophy.I am an income tax accountant and am not looking to leave my job anytime soon.  

One was a professor of mine in college.

Fortunately The Wharton School has a Professor Emeritus to help deal with said garbage.  

Read Give and Take by Professor Adam Grant. 

The cheapest minimal house nor for sale in SillyValley is One Million bucks, perhaps a Stanford professor could afford it, but wouldn't want to!

He doesn't want to worry about it anymore because he's a university professor and running multiple businesses. 

My professor chimed in at that point saying he invests in real estate and recommended it.