The demographics and map data don't take the students into account, but they're really what's driving the market.Low property values and ever-increasing student rents are a recipe for a market when you can pick up a duplex in decent condition for $150k, and rent it for $500/bed (that's an EGI of $36,000 annually for a 3/3 duplex).

My two cents are with 400k,  pick a market and get started. 

I would pick a major tourist destination where it wasn't saturated with STR's already.That would take some research but you could google top vacation destinations and find a place you would go on vacation.

Do they pick up after themselves? 

If I were you I’d pick a market and become an expert on it.

It also means doing your due diligence to ensure the property you pick up actually makes financial sense, not just in year one but down the line.

What are the pros and cons of each option and in what scenarios would you pick one over the other? 

I've taken a couple real estate courses but Big Pockets is the best and I have been binge watching for the last 2 weeks and im super excited to start investing im looking to do the Brrrr strategy and looking to pick up small multi family properties and possibly off market flips. 

Of you can relocate and house hack, I highly recommend that so you give up less cash upfront.Good job not spending your stack on some bad *** pick em up truck or other nonsense young people would otherwise spend it on! 

Awesome to hear you have a specific date picked out to take the test!