This business relies heavily on relationships which is why I think this is such a crucial action to do if you are looking to invest in a market.Long story short is I whole heartedly believe if you are looking to invest out of state you need to take the time to go out there for yourself and see the city/market in person.

Short of tearing out all the sheetrock, we did everything all new.

Talk with @Scott Smith for specialized advice on how to properly setup this.But, in short, you need insurance regardless, and you might want asset protection if you have cash flow and/or equity to protect.

My short-term debt has me feeling a bit uneasy. 

For anyone still interested, your best bet here is to find property that's in walking distance or a short drive to the campus.

The city will likely be the one to govern short term rental policy. 

To make a long story short, we have a lot in Woodinville, WA (outside Seattle) for sale.

And I think getting a short sale will be difficult, as you have to show all of your assets and a lot of banks won't agree to a short sale, if you have cash and other assets.

One Has to see the option agreement to see if it is still valid......short of that it’s a crap shoot.

Am I able to buy a house to live in it short term (few months maybe), and then later rent it out as an investment while I travel?