Talk with @Scott Smith for specialized advice on how to properly setup this.But, in short, you need insurance regardless, and you might want asset protection if you have cash flow and/or equity to protect.

My short-term debt has me feeling a bit uneasy. 

For anyone still interested, your best bet here is to find property that's in walking distance or a short drive to the campus.

The city will likely be the one to govern short term rental policy. 

To make a long story short, we have a lot in Woodinville, WA (outside Seattle) for sale.

And I think getting a short sale will be difficult, as you have to show all of your assets and a lot of banks won't agree to a short sale, if you have cash and other assets.

One Has to see the option agreement to see if it is still valid......short of that it’s a crap shoot.

Am I able to buy a house to live in it short term (few months maybe), and then later rent it out as an investment while I travel?

@Giridhara Gowdra chandrannaA - fine expensive well cared for yards and homes owned by professionals and business owners.Luxury cars B- average blue collar suburbia most homes are owner occupied and yards are in good condition.C mostly low Income people rundown rental houses lots of old apartment houses lots of old cars D VIrtually all buIldIngs are old and need some maIntenance .mostly rentals 15-25 year old cars random crIme drugs -hIgh grass and hIgh resIdents Seen walkIng around aImlesslessly F boarded up houses shootIngs no one works open aIr drug deals most everyone looks shady .Hookers rap musIc blasted from random homes and cars

You have to weigh the upside and downside and compare that with your short term and long term goals.