There will be vacancies,  there maybe those who don't pay timely, tenants generally don't take care of your property as you do, evictions are necessary at times. 

I would also make sure its a good professional install not a handyman and that there is also an expansion tank installed as well. 

These professional markets are eager to win your business right now, even through the holidays as we speak (or type)!

You'll find a wealth of knowledge here from investors and professionals and when it comes to financing for investment properties, I'd be happy to provide some insights once I understand your intended approach.

If you want to 1031 exchange to a property outside of CA, then you'll want to be careful about how the California Franchise Tax Board makes 1031s more difficult (no surprises there) when leaving their jurisdiction. 

I believe there's always a market for college rentals, though certainly care would need to be taken tin bringing in the right renters for the school year.

Amit,I've heard of it, but I'd be careful. 

Second, I would spend some of that capital on coffee, lunch, a drink, whatever it takes to meet face to face with real estate professionals in your area.  

Additionally, hundreds of businesses, including global leaders like Google, Amazon, Apple, Facebook, IBM, Microsoft, and Uber, are in Pittsburgh and draw thousands of professionals to the city annually.

Having to share means working around other big jobs, etc and doing more stuff myself than I would care to do for lack of help.