I wanted 12 -18% cap rates (interest rates were MUCH higher), and real estate I could buy for 25% + below REAL value.Immediately after the crash of 2008 I sought properties in the most devastated areas (Phoenix, Miami, Las Vegas) that were (1) class A (2) one third previous sale price (3) 8-10 cap rate on residential.Now I look at properties with a steady cash flow (depending on risk and property type), have rents that are short term adjustable in case of high inflation and have a potential equity "kicker", such as neighborhood being developed, restrictive zoning, university expansion, etc.I now divide my portfolio in three areas, not always mutually exclusive.  1- short term mortgage notes or long term mortgage notes purchased at large discounts (secured by commercial properties) for cash flow.  

Vacancy rates are virtually nill, due to the high demand.

Next best thing, "OP can't be the first person in the history of the universe to try this.

I work full time as a professional staff member at a university in Philly and with the growth of my career in higher education I'd also like to start growing my real estate portfolio.

Feel free and PM me if you'd like, as I own a virtual bookkeeping firm that works with real estate investors.

Very happy to find this website and hope to meet everyone in my local area personally as well as any members in BP virtually as well.

We went to college together at the University of Cincinnati College Conservatory of Music (CCM).

I graduated with a Political Science degree from the University of Montana in 2105. 

Also, I like your idea of student housing, there are two large universities in my area and it's not uncommon to see 5 students in one apartment paying $300+ rent each.

Last year we purchased a handful of 4plex's near a university and it was going great with a really strong cash flow as they were all full, but when the leases came up for renewal 75% of the units are now planned to be vacant and we are scrambling.