Dear Mary Jo,
My son is also going to Full Sail..... and you are doing the right thing by buying something with mtg rates as low as they are and the buyers market. Renting to several others is also a terrific idea to offset the mtg pmt.
Here is what you need to think about:
How long will your son be at Full Sail?
When he is done, will you want to sell, rent or do a 10-31 exchange to offset capital gains?
You may want to talk to your CPA or Financial advisor before proceeding as to how to buy depends on whether you purchase as an investment, second home, etc........
email me for more info if you need to, I have a TERRIFIC, honest Financial advisor that can help you make this decision and knows the tax laws, 10-31 exchange and Florida laws.
You need more information before taking this important step. Not only that, but there are several area's near Full Sail that are not good to purchase due to the hurricane damage from a few years ago, or HOA issues.
Since I'm in the same boat with my son going to full sail......we should chat. I will help you make a good decision for your son too.