When I was ready to buy my first property I made a flow chart of everything that needed to happen from selecting a market right through collecting my first rent check. 

Data is still limited on rent collection, late payments, and defaults. 

keep looking and don't give up. when you say you're trying to 'match' your current monthly expense of $3K, I'm assuming you're saying that you're hoping to pay $3K net against the mortgage after collecting rent - is that correct?

This benefits me, because I'll still collect the rental payment and have the ability to evaluate the tenant before anything more long term is signed.

This is where we have collected the data for analysis.

Real estate continues to be high where I am located and when I calculate the mortgage payment with 20% - 25% down, it only breaks even with the rent I could collect. 

They could be real properties or people just collecting emails to add to a "off market list". 

For me it is not a big deal but for some it would be devastating not to collect payments for 12 + months if you had not planned for it.  

100% go with one lease to a group instead of individual leases to four different students.If you get one lease, you get to collect one rent payment.

@Jeffrey Radcliffe,A self-directed Solo 401k can be invested in virtually anything except collectibles.