@Justin Thorpe I agree this risk is real but also believe there with probably be some consolidation in the space over the next 10-20 years similar to what going on now in big-box retail...border gone and Barnes & Nobel pick the leftover...circuit city & best buy etc...the top-ranking colleges and the affordable ones will do well while the others will go through hard times...for the landlords, it doesn't help that many colleges also go into the housing business...in one of the markets I considered, a new complex was just completed and removed the demand for about 80-90 SFH in one year.

You can do it as risky and hands-on as you want, or minimal risk with less hands-on...and everything in between.

Astoria is the ideal location but pretty pricey unless you get a place in the Acropolis, but after doing some research it seems like the cooperation is going through some struggles and may be a risky investment (not even sure if a bank would give a loan for a coop in the Acropolis).

I am also concerned about how long this could drag out with multiple months of payments missed.This strategy seems to be a losing proposition for me the owner.

The best I think you could do with close to 0 risk is have a high interest savings account. 

But if people aren't going on vacation, seems extremely risky to pick one up. 

Sounds risky with someone who has things to hide.

A management company located in OH would certainly have a cost advantage and better local knowledge (i.e. a more compelling value proposition) than flying a buddy out from CA multiple times a year.The decision to give him equity shouldn't be taken lightly. 

As mentioned you will be doing all the work yourself and your risk is not spread out as much. 

I would take the advice of those that understand the Alberta/BC markets like Kris H. and Andrew Anderson, over the folks in the states.Personally, I would not buy more in Fort Mac; there are stronger markets in Alberta and BC that are much less risky.