Based on a possible down turn in the economy in the next couple of years giving up a solid paying job for real estate sales may be a grave mistake. 

I had bad tenants who also got crushed by the economy and stopped paying regularly.

Assuming financing is not an issue, you are happy with the area's projected growth in population and economy, you have run the numbers and are satisfied with projected returns, and you have a good handle on the scope of deferred maintenance (and since you are hands off, would advise against buying a property that needs a lot of work), I would be encouraged and invest the time in a thorough tour of the property.

For example, if it is a couple middle aged guys then you could let them sweat a bit, but if it is a little old lady that is sensitive to heat exhaustion, I might replace it sooner than later. 

I can't imagine too much of a difference in expenses between tradition SFR vs college SFR at least not the way I do it.  100 % occupancy is what I have experienced over 11 years and depending upon your age 2007 to 2010 was not a good time with our economy. 

Let's say you take your vehicle to the mechanic and he tells you that you got a bad exhaust leak, you don't just go out and buy a whole new car, you get it repaired.

Having a parent in ICU, on life support, or comfort care/ hospice is emotionally exhausting, so I am guessing son may not be at his best. .

When the economy really goes to hell, forget getting your hands on your 3rd-party-held gold -- you'll find it was really in a vanishing leprechaun's pot all along. 

You own rental properties are you prepared for the economy if 1 or more of your tenets has a job loss.

Keep in mind- property managers like economies of scale.