Has anyone done something similar, buying property near a university for their kids to live in and eventually turning it into a rental?

If you're looking to live off your RE income today then cash flow is the most important number.

This helps us understand what we try to help them do. thirdly, depending on what county the property owner lives in.

If its your first home purchase, I would start with where you live.

I live in San Diego and am trying to purchase my first investment property I have about 150K to put down but am struggling to find deals that meet my price point. 

Once you have lived in the property for two out of the previous five years, you could qualify for the primary residence exclusion, which allows you to take the first 250k (500k if married) tax-free.

A VA loan can only be used for a primary residence, but there are ways to house hack (like buying a small multi-unit, living in one, and renting the others).

Sage wisdom from gurus always suggests having an LLC, but no one ever tells the negatives of using an llc 1. we often acquire properties via foreclosure auctions which come occupied.. when we go to court for eviction, you can indicate that you "intend" on living there and the court will tend to be less generous to letting the occupants stay longer.

Your return won’t be heavy on cashflow while you live in one unit, but it’s a proven wealth builder.

Hi Tristan, I live in the Triangle and know someone locally who could help you with this!