I've talked to my brother and parents and we are incorporating into a real estate investment company, into which we will absorb the college rental.

Like any business, you can incorporate anywhere.

well I based it off of the pictures and I was able to physically see the property. 

There is room for a few more players.The number of times this happens is very small but added to "Security deposit with airbnb is a joke" and "Airbnb only considers physical damage", and a few other things we have discussed in this forum before, the number of disputes between hosts and airbnb should be much more than that IMHO.

Some states have different laws for this type of stuff, but that doesn’t mean you can’t create your Llc where you live, and do biz in different states, but I think doing the opposite sometimes isn’t suggested, ie: incorporating in another state than you live in.

You need physical documents to present to the judge.

Either way the numbers look good, just some stuff to consider and incorporate into your monthly expenses. 

Nothing physical.

Worth a look at some point but look somewhere you can physically reach in few hours tops / worst case.

Another angle I'm exploring in two new developments I'm working on is to incorporate small-office warehouse into the projects.