Two things I've learned with our 4 bedroom apartment rental: 1)Tenants stay longer but the units are more difficult to rent out when vacant 2) If you are not close to campus (less than a mile) you likely won't get students.

I worked in private equity doing primarily multifamily and office acquisitions, asset management, and development for about 7 years until the 2008 financial crisis, when I transitioned to the debt side working at Freddie Mac Multifamily as a producer in the Southeast Region. 

This property is 60 years old and in a nice neighborhood, located within 1/4 mile of two private schools and a university.

I'm a heavy value add investor and lender in the southeast and midwest.

I am following the same strategy with 50 units or under in the South East to avoid competing with large investment firms and to find the more "mom and pop" operated properties to add value, refi to return the majority of investor capital, and then hold.

I can set any phone number up to temporarily have access to the home and see if the door locked when they left...from 300 miles away. 

Being about 5 miles South of the OP and a lifer here in NJ and the NYC Metro area, I get it.I dont know wt...uh....heck the Griining Hyena thinks he is doing.

So if you do relocated at least 100 miles away, then you can buy another 2-4 unit using FHA financing (3.5% down), without having to refi out of the first one.Hope that helps, and best of luck!

We’re mostly in the southeast, including Georgia, Florida, Tennessee, Texas and soon to be Arkansas.Happy to connect if you have any questions!

They would come to you to be more out of the way but not hike a mile  to get there.