An individual qualifies as a real estate professional for the tax year if -a. more than 50% of the personal services performed by the taxpayer in all trades or businesses during the tax year are performed in real property trades or businesses in which the taxpayer materially participates; The rental or any other activity that you do not materially participate cannot be counted. andb. the taxpayer performs more than 750 hours of service during the tax year in real property trades or businesses in which the taxpayer materially participates., the rental or any other activity that you do not materially participate cannot be counted.

Glad to find like-minded individuals that are willing to make those sacrifices upfront in order to enjoy serious gains in the future!!

One idea we had was to rent individual bedrooms to students around $800 each.

You have to understand their individual needs more deeply and get creative.

If you are filing Schedule E (Individual tax return) you have to do that anyways. 

I'm looking at getting at minimum a 4 bedroom house and will rent 3 of the rooms individually to young professionals.  

1) Rich Dad Poor Dad (READ THIS DAMN BOOK)2) I Will Teach You To Be Rich (Hands down 110% the best book EVER, this WILL change your life as I can attest to as I'm implementing the tips in my life now) 3) Set For Life (This is the mindset and goals you must have to achieve Financial Freedom)4) The One Thing (What can YOU do NOW to BENEFIT you later)5) The Four Hour Work Week (No it's not about working 4hrs a week, it's about optimising your time and it works!)

I am wondering what kind of part time job over the summer would be best to teach me that.

Individual stocks?

Degrees are too expensive and really don't teach you what you need to know to become a real estate investor.