Worst case is you've learned something that you change you mind about investing in.

Renting by the room is a great concept in theory, but nonetheless, you need to understand where you are looking geographically (how close is the property to the university), and second to that, you should consider -- do you need to get a duplex to make the deal cashflow? 

Look at how prices have changed in the last 5-6 years. in 2018 you could purchase a good 3-family in PVD for less than $300K.

Make sure everything is sharp looking, inviting, and well maintained by great people and an investment like yours could change people's lives for years and years to come.

The draw back to these loans is that they are more paperwork heavy than the other "portfolio" types of loans....but if you have ever received a loan on your primary home, it's likely that you will go through the same type of paperwork here with conventional lending.

The most terrifying if them but know that as soon as I get this ball rolling, I do not ever want it to stop. 

Some background, I am a first time, haven’t ever purchased a home other than my primary residence, want to be real estate investor.

Owner died and house has been vacant ever since.

But changing cabinet pulls, fresh paint on trim.  

If you ever want to chat about investing feel free to reach out, it's always nice talking with fellow investors.