I might suggest checking out smaller cities in Arizona outside of Phoenix. 

I might suggest looking at parts of Arizona as its closer and just about as affordable. 

I not by any means an expert, but I would suggest having alternative outs planned for anything you might buy for a student rental in case a project doesn't pan out.I've recently found the Tallahassee Investors Network and those guys put together a great gathering once a month that I'd highly recommend you make the trip over for.

You and me both that NYC has become a no investor zone unless you have $500k to play with.If you have your team ready and that amount of capital on stand by, NYC neighbors NJ has many properties to start with.I just purchase a property in Newark for under $40k 2 family distress condition.

The article above suggests that rents are increasing faster than prices, which would lead to increasing cap rates.

Any suggestions would be greatly appreciated.

Since it seems like you are not quite in the area yet I would suggest following the Pittsburgh forum and setting up keywords for areas you are interested in.

Try to find a realtor who invests in real estate as well or at the very least works with other investors.Hopefully our fellow BP members can chime in and throw in some suggestions that I may have left out.Best of luck to you!

He suggested a contract for deed.

Hello, I am actively looking for a Large Multi Family Apartment complex either in Tennessee or North or South Carolina.I am open to other areas as well, but these are my preferred areas, the property I want must have the following capability,Room for instant/forced equityRoom for growth of opportunity, i.e. under rented, neglected or room for further expansionPreferably B or C+ propertiesI am not affraid of work, and in fact are one of those crazy people who likes a challenge, so I hope the BP community keeps me in mind, I look forward to your thoughts and suggestions.