Since I'm in California, I'm looking to actually invest outside the state, because of the high initial capital I'll need to pony up, compared to other places.  

If you do not have the required "Gap Funds" to satisfy the HMLs requirement - this is where you will need to "pitch" your property to other private lenders or "Gap Funders" on this site, or by networking with other investors outside of BiggerPockets. 

Rental rates are high and actual traffic outside of Mon-fri 9-5 is very low downtown.

You could live outside of a nice district and go the private route, but those schools are well into the tens of thousands of dollars per year.  

(Outside of the books that BiggerPockets suggests, of course.

Would like to invest in other properties but am considering looking outside of Illinois because of the property taxes.

I'm open to working with people outside this area, the west coast would be best, but certainly would love to see how people are making money in this crazy market here currently. 

You didn't speak about cash reserves, whether or not you would have an income outside of the property while going to school, how much you'd be putting down on the property, how you'll fund the build out on the areas to attract students, and if you have any experience with rental properties. 

you guys are from outside Fl but buying in Fl and I am in Fl but finding better luck buying in Baltimore.  

I am strongly considering turn-key properties outside of my home state mainly for more opportunities and immediate cash flow.