Or if it's a situation where they're housing a relative or a friend who is homeless for a couple of months I would monitor the situation and collect the rent.

I am fourth generation for a family owned management/development/consulting company based in Southern California but I am in Idaho for college around 9 months out of the year.

There are some that manage to find the money and the deals quickly when the market is just right (and they have plenty of cash), but most success is built slowly, over time.Increase earnings, reduce expenses, save up, invest.

Can you recommend any local property management companies that specialize in student housing?

@Eddie Smithyou hire a good property manager and let them take care of it. 

I run a vacation rental company with about 50 homes under management, but I also have a nonprofit management background.

But I'm okay paying something (within reason) for an experienced partner who knows what to build for resale in this price range and will manage the entire process

Get your hands a little dirty, and a little experience managing a project.

This is mainly because of the distance - I will have to find a reliable property management company.

Since I still have all my connections and family and friends over there, it’s fairly easy to manage long distance from NY.