I am in a similar situation with my goals and strategy.

Just like most strategies it depends on the cash you actually have and your cash flow goal.

Is it a good Strategy to invest in a college town? 

The large scale BRRR can be tricky, but having a JV from the start will help.My clients down in GA are doing well with a BRRR centered strategy, but focused on one, or both of these things to cash flow quickly:1) 2-4 unit properties2) Section 8In most lending circles, your 2-4 units are going to be classified in the same category as a SFH, so to rehab a hand full of those, you don't take the same kind of rate hit as the 5+ unit properties, but you also don't have the same kind of "experience" issues as you do with larger developments.

Any recommendations or insights on how to find the right fit would be incredibly helpful.Tenant Screening: Lastly, I'm curious about effective strategies for finding high-quality tenants, especially when renting out rooms individually.

I never considered it before, because the bulk of my customers came through VRBO.  

I'd say first step is to pick what type of investment you're looking to do (i.e BRRRR, Flip, Buy and Hold, etc.) then find a market that supports that strategy.

I'm a good 20 years from retirement, but I'm using this strategy right now, and then if rates come down at some point and I can do a cash out and maintain cashflow I'll consider it.

Think about the ideal renter for your strategy.

I've always seen having a license as a benefit.  1) It gives you multiple strategies when meeting with a seller.  2) I always tell the seller when I disclose that I am licenses that this gives them the ability to not only use the court of law if they feel I do something wrong, but they an also submit a complaint to the licensing board.