This is more risk for property damage and the insurance company requires special policies for student rentals .

If your wife is willing to be on board with it, I think it's a no-brainer and mitigates a lot of the risk on your first few sets of deals.

I was actually surprised by a few of these properties and a quick sales comp suggest there is money to be made with little risk.

Would be curious to hear people's opinions here.How to get there:This is the part I probably need the most help with: how, in my current situation, can I use the existing leverage I have (my primary and investment properties) to finance my next move instead of putting my hard cash down (aka more risk).

If I could get the seller to carry for the term, that would be ideal, but I think most would want the balloon at some point.

I'd try and figure out the downside risk.

One built in 1954, I took out builder's risk policy (which Allstate doesn't write so), I got insured from somewhere else. 

That added risk means they'll pay less.Pursuing tenants who have vacated is usually break even at best. 

You certainly won't find me pushing a newbie to take that risk. 

HI @Elle Nicole Grunenwald  - What you do depends on your goals  and your tolerance to risk.