Also I make them have their parents co-sign if they plan to make monthly payments and are not paying the entire rent for the semester thru a loan.As far as damage goes,  they’re not any worse than my other properties.

@Jasmine Moore you need to put the property under contract at a price that represents a really great deal with ample time to do feasibility and due diligence.Once you have control of the property you will need to put together a detailed project deck to present to potential partners or investors.

My parents were going through a divorce but they never officially filed.

I would think negatives are turnover, dealing w parents, kids trashing the house. 

@Clifford C TothI require all students to have a parent co-sign.  

Properly structured, even in a catastrophic loss they will still provide some shielding of your personal assets.Second, it provides tax advantages not otherwise available to an investor.The general approach is to "control everything, own nothing".

II feel Union City is the one with most advantages for its NY proximity, 3 Bedroom can easily be rented for $2K per month, however bnie mindful of rent control recently put into effect.

I thought of the idea of getting my parents to buy real estate in the area they want to retire in.

Some others like the "control". 

The process is just far less standardized and controlled relative to traditional transactions so you really have to pay attention to every detail and make sure everything is verified.