Many people don't know that in addition to national fair housing law, states and municipalities may have additional protected classes (for example, in Austin TX we have local additions to fair housing that cover sexual orientation, status as a student, and others)There are resources from the national apartment association (and through many state and local associations) specifically geared to educating and supporting independent rental owners (usually regarded as having less than 100 units).  

Two niches for rentals are young professionals that haven't settled down yet and college students.

College students rent by the room?

Not trying to be a jerk here - but think of yourself as the student and other investors as the professor.

Student loans?

Hi Jean, Since you're relatively close to Harrisonburg, Fredericksburg, Charlottesville, and Richmond, student housing could be a good investment opertunity. 

See the following: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-prohibited-transactions

In terms of whether it is for only student rentals or not - I can't tell you because I only deal with student rentals in the area.

A lease for a (1) year period; utility bills with the students name & address; a NC State ID, or Driver's License; a College Parking Permit (Record); all may be potential proofs of  qualification.

The purpose is to participate in local syndication deals.