I assume its easily rented by college students but want to make sure I'm making the right decision since its my first deal. 

I would be willing to bet the majority of those who are very successful on BP all live in modest homes with a lot of equity, and drive modest cars most probably paid cash, that they can easily afford. 

Pro: Higher day one cash faux.Con: You need to hop on a plane (or long car drive) to visit your property, which leads to ...Con: You are less familiar with the market.Con: You are 100% dependent on complete strangers to make or break your investment for you and keep your best financial interests at heart above their own.Con: Can't easily verify work is being completed in a quality or timely manner.Con: If problems do arise, it will take you longer to find out and they will grow larger in that time.Con: If something goes wrong that your team can't fix (or in all likelyhood caused) then it is harder to for you to step in to fix it, stabilize the asset, and recover.Con: Lower appreciation and rent growth ... if you think this is speculative and not consistent, then review the last 50 years of price trends in the market you are in now vs the out of state market you are considering.Con: Lower tenant quality.

My understanding is you can pull up to 80 percent of equity on your primary residence and as long as you have 20% on the property you are buying your able to easily qualify there are also lenders that will lend at a higher interest rate but don't care about recorded income.

If the second does decide to negotiate with you, you now have a usable DIL and can get title to the property very easily.

By everything I have read for a buy and hold investor these should easily produce a monthly cash flow of 100-200 per month just applying the 50% rule.

Very easily...

Do some research on this, there was a 2010 Supreme Court ruling that changed some of these laws that you should be able to find very easily via Google.The bottom line is that snow removal, like all other expenses, should be budgeted for.

Don't make that same mistake again or you could easily be losing money on your investments.

They are too easily destroyed.