Also is there a safe market where $28k can go a long way?

I think it’s safe and reliable (at least in my Midwest market).

Is it safe to assume that the local government won't pass ordinances against short term rentals anytime soon?

Each city/county has their own zoning laws, so to be safe I would check with the city/county by calling or reading their local codes / zoning online during due diligence.

Modeled for 720 months (60 years)24.71% effective income tax rate (based on a $70,000 per year household income)Saving 30% of your income3% inflation rate3.25% yearly safe withdrawal rate (SWR)$4,083.33 target monthly income in retirement (in today's dollars)Summary of assumptions for the account in this scenario.

In these areas, many are foreign investors seeking a safe haven for their money and pay all cash. 

There is a safe harbor from the IRS at two years. 

The older you are, the more prudent it typically is to go with the safe  option, while the younger you are a more aggressive approach will typically be the best option. 

I'm thinking about college land lording to students in neighborhoods close to UTSA, and I also want to rent out a house for myself in a safe neighborhood not too far from downtown.

I might want to use the cash as hard money, but most want to park the cash somewhere "safe" and generate  consistent returns.