There will be specific ways to arrange to 'fit into' the building and safety codes etc for each township and college area community so...
CALL a local real estate property management company in the area and ask them if they know of landlords that rent to students and how student housing works in that area - you will be surprised how much you can learn and then adapt your strategy.
It takes work, time and effort to realize a strong portfolio...
If you would like any further information or have any questions about the York area, please do not hesitate to contact me, if you'd like, or any other reputable REALTORÂ® in the area.
There may also be unique city (rental or zoning) codes that come into play when you consider such a property purchase. For instance, boro or city code may require that you hire an on-site, (or at least local) property manager if you (the owner) live more than a few miles away. What about restrictions on # of unrelated occupants in a unit? Parking requirements? etc. Check with the local municipality- or ask around for references to a good property manager who will know what hurdles there are and can help you get over them safely.
That being said, it can be a great financial choice for a family, especially if you involve your student in the learning process and they have some responsibility for the outcomes. I have helped several families purchase an investment/ home for their college students here in SHippensburg, and it has been a good investment for most.
Hope that helps
If you manage the property yourself, you may need a strong contract/lease form with the other students as well as a large deposit. You could also choose to pay a local property management company, for a fee, to handle the middle of the night toilet flooding issues. Either way, it is a great investment to ask your tax advisor about when you see them this April. In the meanwhile, if you'd like to view any potential properties, don't hesitate to ask.