So prices are going to go up in the near future because of off campus housing etc. great for renting to college students.

I am a recent college grad looking to get into real estate investment as a side project to make some passive income and set myself up for financial stability long term

My intention is to do a contract for deed/rent to own deal like my mentor does, the reason being that I'd still have his mentorship in the process, great cashflow, and very low level of maintenance as I'll be around a hour away for college.

I'm 19 and about to buy my first 2-4 unit apartment but haven't yet, however if I could of went back a few years with everything I've learned now just make sure you're always learning, reading, etc, don't spend your money on stupid things like cars and clothes, if you get a job and keep saving you should have money for a 5% down payment on a property by 18 or so, if you're going to college you can buy a 2-4 unit (duplex-4 plex) or a cheap house and rent out the other rooms, that can go in general too not just with college, and don't buy a brand new car, get at least 3 years old because a car loses 40 percent of its value over those years, you can get a very low mileage older car if you hunt for it, new cars are financial suicide to young people, ideally don't spend more than 10% of your income a vehicle per year, that may be hard depending on what you do, and invest every penny you can while maintaining a safety net (at least a couple thousand dollars to cover expenses, etc) that way you don't have to pay abhorrent credit card interest rates.etc

You're starting your investment career w/ a bad business practice;  i.e. not assuming some vacancy, maintenance and/or reserves needed for CAPEX.  

I've always rented as my primary residence and this would be my property out of college.

Chris wouldn't be able to help because my practice is pretty narrow.

College towns usually draw people but I have never been to Waco.

On my first rental, I was just out of college and totally in the dark as far as these expenses, I took into account taxes and insurance, but don't forget to save the market %s for vacancy, repairs, and capex.

It's not an issue for all practical matters (key word).