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Student Housing - Purchase or Rent?

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I am well versed on owning property and then renting it out but it's always been local (Central Texas) and in lower priced markets where the investment capital and financial risk was low.

Has anybody done this or researched into buying their student housing especially near the campus in Austin?   Benefits, regrets?  There would be roommates paying rent and I would likely continue to rent out after kid was done in Austin unless the housing market valuations jumped significantly.

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