The apartments will have parking problems, noise complaints, unauthorized animals, kids scratching the neighbor's car with their bikes, higher turnover, etc.

If you would not let your daughter, wife, or young kids walk down the street, that is a pretty good indication to stay away from that neighborhood.

The first thing I'm exploring are short-term rentals.

Yes, Wife and kids.

I'm single with no kids at the moment.

“Sniffles” or not I don’t want to give it to my kids.

Kids don't want to deal with a lawn while they're trying to go to school. 

And then you'll be living in a 100 year old duplex and your wife is going to be asking you for a backyard for your kids and tell you to turn down the music when you're cooking dinner on Sunday night.

If a 20-minute commute by bike or the L is not an option for you, then you should certainly explore partnering with others in your target area to purchase an entire building.

If you sign up in Texas both you and your future kids get free college tuition at a state college.3.