@Nate WilliamsWith one income, two kids, and limited cash flow, minimizing risk is key.

Can anyone provide any thoughts, good or bad with respect to renting to college kids?

I know this would not produce the greatest return, but I am 42YO with younger kids, and that immediate cash flow would really free up options for me and my family. 

Again, even if you rented for $4,000 a month, you wouldn't have $2,000 left over after paying the mortgage, taxes, insurance, maintenance, etc.So you aren't accounting for all your expenses, and you aren't paying off your debt.

He will benefit 50% from cash flow(if any), mortgage paydown and appreciation without all the exposure.I would like to hear from investors who have their kids involved, accountants, CPAs, attorneys, realtors and all. 

I still Have 30k left over the cash out refi. 

However, we (wife and two kids) own this 3rd deal and want to keep it as our permanent home.

I think i could retire our debt and have a chunk left over.    

If I could put down more money obviously that would decrease mortgage but I need some left over for closing etc

They'll accept that and release your property, and your life goes on as normal with your new lender or leftover profit from the sale.