However do consider that if you are going to continue to rent to various college students these kinds of situation could and do arise so you might put some wording in your lease that will help your renters manage the use of the building and resolve or prevent common disputes. 

The second factor was this will allow me to completely pay off my student loans and be able to direct that money into more investments.

Your work in education serves and uplifts the minds of your students.  

Here's a good post on selective enrollment education at Whitney Young.https://www.dnainfo.com/chicago/20160202/morgan-pa...10,000 students apply annually to be admitted to the Near West Side high school.

Take a good look at student housing see below.Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

Take a good look at student housing see below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

He has student loans which he should have paid off in 5yrs (he puts a lot towards them monthly).  

Take a good look at student housing see below.Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

Please feel free to comment or offer advice.Year 1:- find an apartment to rent that's closer to work (I commute about 1 hr, 45 mins one way)- pay off debt (~$10k student loans, ~$5k car, ~$3k credit card @ 0% apr for another yr)- live frugally and save as much as I can (my goal is to save $20k)- learn as much as I can about real estate investingYear 2:- decide on a market to invest in (*)- decide on a strategy (leaning towards buy and hold, either single families or small multi-families)- start creating systems for marketing and lead generation (I think this is key for my long-term goals)- possibly start making offers (depends on financing and location)- save money from job income (goal is $40k)Years 3-5:- make deals- seek higher salary(*) NYC and its suburbs are quite expensive.

You might consider Niche or Specialized Housing like student housing.