How convenient is it for students or young professionals?

I have no credit debt and $12,000 of student loan debt I'm looking to pay off within the year.

There's also Jefferson City which is just east of knoxville that has some upside too. college town near a lake which gives some upside for students or short term rentals depending on what you like to do. 

My student rental property was registered as a fraternity without my knowledge or permission, which I would have never given. 

Specifically, I am interested in room by room student rentals around universities.

If you're applying for a Conventional/FHA/VA/ or USDA loan, then they will do a "global cash flow" where they take into account your PITI (Principal + Interest + Taxes + Insurance (hazard and flood) on all properties (second mortgages included), HOA payments, car payments, student loan payments, credit card payments, and installment loan payments in the numerator and your gross income in the denominator.

I am negotiating a seller financing deal for a student house at $380000.

For us, the hands on training and meeting other student's at their investment properties and directly learning about their buy, rehab, sell and/or hold experiences is valuable.

This isn't a sign of weakness in the market but instead a return to normal. 4 bedrooms do rent better than 3 bedrooms particularly with the college students, even more so if that 3rd bathroom is a jack-and-jill setup. 

Being an operator and being an investor are two different jobs, very interconnected but you are not required to be both in larger projects.