One thing I would say about it is that if it were me, I would look more towards a large single family home instead of a multi-unit building.

A few reasons I say that are…

1. It allows you more control over what happens in your property. I’m sure we all remember what the “party houses” in college were like. All it takes is one rentor who parties a little to hard to destroy your property. By having one unit with multiple rooms, you can easier control both who lives with you and what goes on in the home.

2. It is easier to take care of after you move out. If you are going to keep the property after you graduate college, it is a lot easier to rent out and take care of one single family home than it is to do the same with a multi-unit home. My dad and I own several of both, and the single family ones are much smaller headaches, generally.

3. It seems like it would be easier to get around claiming the rent in a single family home. Since you are the principle resident of the home, you technically could be living there alone and not collecting any rent. Not that I’m advocating being dis-honest on your taxes, just saying it is easier to get “creative” when only one unit is involved.

Either way I think what you listed is a great idea.