I have friends that own and operate a B&B in Cashmere Washington...but they had it built specifically for that purpose so they have their living area and then 4 suites they rent out and one commercial kitchen that is used obviously for the guest breakfasts and their personal use.You would want to check with your local (County or City) Business License-Permit Department to find out if you can legally operate a B&B in your home at the property you reference.  

My Wife and I have a couple SFR's in a part of an Indiana town that is perfect to rent to college students.

Ask around about who they see pulling permits for jobs.Good luck!

I put my self through college as an apartment maintenance man, and after graduation managed a large apartment complex in KCMO.  

Typically, our breakdown looks something like this -At contract execution - 5%At permit issuance - 35%At Footing inspection - 25%At mechanical rough inspection - 20%At installation of cabinetry and trim - 10%At certificate of occupancy/completion issuance - 5%Now, this is set around large jobs.

Do I go to college and get a degree then get a job, pay off my loans for another 5 years then after I'm done start real estate ?

I live in a suburb of Rochester, NY and I'm leaning towards renting multifamily units in a college market.  

Are all three pulling their own permits, doing complete year off and new, and quoting the same quality of shingle, same amount of felt/Underlayment, etc?

However, I still have another year of college to finish up and I'm wondering if it is worth my time and money to invest in something I won't be able to dedicate full-time to starting in the fall.

In Florida we use transaction broker who is permitted to assist with bot sides of the sale.