A joint venture or lease option with a rehabber where you either lease it to them so they can have control and fix it up and then exercise their option. 

If so that is different.By the university, you could do very well with a STR for visiting parents for games, guest speakers, professors and other professionals.

I just wanna get out of the 9-5 and control my time again.

I have been analyzing houses through an excel sheet for several weeks now and I can count on the help of my parents-in-law.

Growing up my mother was (and still is) a real estate agent, and my parents also invested in buy and hold real estate both in state and out of state.

Downside is: Onerous to keep DTI in control and to keep enough cash for reserves.Non-qm loans.

If you cannot afford to buy today you might negotiate a ROFR in your lease where you have firsts rights to purchase if the owner every decides to sell the real estate.If you would own one space in a condo type for office or retail you have to be really careful with WHO is running the association because you will likely be a small percentage owner versus the overall spaces and have more limited control and input to what happens to the project as a whole.  

My scenario is a parent and child own a PA property, but live in another state. 

But you can't control how people live.This has ignited a question in me for @James Wise @Nathan G.

Often times I urge my younger clients and clients with short credit history to ask a parent, family member or very close friend to be added to their credit card as an authorized user!