I'm looking at a duplex in a small college-town (enrollment ~1,000) in a smaller town (~4,000) outside Atlanta.

I have down-time at work too with access to a laptop.I'm enrolled in the two required CA RE courses at a community college that start February 08 (still need to enroll in an elective course at some point). 

@David Flores a few years ago when I enrolled my youngest in college I was very interested in looking into college rentals.

@David Richter, I Really appreciate the advice and I have already started with the advice I got yesterday this afternoon I have a meeting to get enrolled in feal estate licensing classes!!!

Awhile back I saw a post that linked to an article regarding the questions you should ask a prospective Accountant/CPA/Enrolled Agent before hiring them...

Being in a college town doesn't help because you will have more investors, who are underwriting more stringently since college kids are more likely to destroy units, they will likely budget much higher turn over expenses, plus front page news on big drop in college freshmen enrollment projected for next school year.Personally I would steer clear of it.

Working now on property #2, and the process is going much faster as the groundwork was already laid for Property #1.I often recommend the course I took (Your First Rental Property by Paula Pant), but enrollment just closed for the Fall semester, so you'd need to wait until March (I think) for Spring to begin.

@Garrett Schmidt I think major colleges will still see large amount of physical enrollment because the kids want the experience but smaller schools i think will move to offer more online courses and majors.

Dustin’s response was for the first Google result he read referring to how long someone has to complete a course once they enroll.

Assuming your biggest concern is federal taxation, and not state, you'd probably be better served by engaging an Enrolled Agent, particularly since your investment activity will be straddling at least two states (CA and TN).An EA can help you decide what entity structure best serves your investment goals, and can usually recommend great accounting software and bookkeeping resources.While I'm not an EA myself, I work closely with a great one that serves one of my overseas clients.