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Prior to 2008, when I was living in the US more, I had investments in rental properties close to Universities. We had a strong contract, high deposit, low rent, and accepted the fact that the houses will be shared between 4 and 6 students.
I agree with Barry about liquidity. Assume that the local economy takes a hit, and for one reason or another, your properties remain vacant for an extended period. Always have enough cash around to cover your expenses for at least a year.
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"The time men spend in trying to impress others they could spend in doing the things by which others would be impressed."
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