What you fail to realize is there are varying degrees of risks investors are willing to pay for, depending on their own interpretations and return expectations. 

I have been thinking about investing in rental units ever since my college professor showed me "the perfect tax return" (it was his own) and explained his investment philosophy.I am an income tax accountant and am not looking to leave my job anytime soon.  

One was a professor of mine in college.

Ari - I think if you stay by colleges and hospitals you are doing okay.  

There are 2 colleges near where we want invest however the area is not in the best of areas but at the same time the potential for renters is really good.

I figure my options are: A) do nothing and have mortgage free cash flow in 3 years, then save big time for our kids college (about 7 years from now).  

In fact, he has sent me to some networking events and they were all varying degrees of successful.

This is a huge college town with a lot of college students that need places to live.

Totally agree ... for me with leverage, it is not a question of yes or no, but more of what degree of leverage can the investment safely support and my wife and I (and other business partners if applicable) are personally comfortable with.

When I was into real estate in college was that my father made it look simple but I did not feel like myself was up to it.