Of course, depending on what deals become available, I would definitely consider doing multifamily, but I'd prefer to start with single family unless something jumps out at me.I've thought about this a lot, and here's a list of the advantages/disadvantages that I've assembled:Pros:     - Higher demand during the school year, meaning likely far more consistent vacancy rates (the main reason I thought about this idea at all - I like consistency)     - If it's a fixer-upper, I'll have the entire summer to work on it as my parents live close to the university, and any remaining work I can do in my free time during the year since I'll be living there (Just a general advantage of house-hacking)     - Allows me to get my feet wet with investing while still pursuing my degreeCons:     - Depending on the area, much higher vacancies than other properties (assuming, of course, the months of June, July, Aug, and Dec will be vacant, so a vacancy rate of 33%)     - Since it's a small town, there isn't a large supply of homes within walking distance of the university (currently 2 on-market being sold) - although last year's foreclosure auction suggests that that may be an abundant avenue to locate deals     - This town is notoriously a party town, so rental properties here may be more prone to getting trashed, although this doesn't seem to be an issue in any of the properties currently being rented that I know of, even in the bigger houses that host parties nearly every weekendI could also consider purchasing properties within ~5 miles of campus, so not walkable, but more than reasonable driving distance, although they will rent for less.

From my experience I am seeing advantages & disadvantages to both.

It is a disadvantage to them in my opinion.

This is the biggest disadvantage of OOS ownership.

Also anyone with experience in the area around Winchester-Martinsburg-Hagerstown-Frederick-outer Baltimore/DC I would love to talk with to gain some familiarity having moved here a few months ago so at a bit of a disadvantage.

But given the renovation cost and potential disadvantage on appraisal, adding a bedroom to make it a 4b2b sfh might work just fine.. 

Your concern should be with upholding the contract (which they presumably agreed to in a rational state of mind) and not to working something out that will benefit them and disadvantage you.

Remote investing comes with a lot of disadvantages and an overhead cost burden which can quickly errode any advantage you may have hoped to gain.

Many buyers will not want to use your agent for their representation, so going this route is putting you at a disadvantage.

In my opinion remaining ignorant will put you at a significant disadvantage when dealing with the majority of us who do understand the basic standard contract and its addenda.