I would like the community's thoughts on an idea I had for when my oldest goes to college next year.
I expect she will attend Florida State, Ohio State or some other state school. Through the Post 9/11 GI Bill, the Veterans Administration will pay for her tuition, fees, and a location-based housing allowance for any state school in the country, or any private school that participates in the related "Yellow Ribbon" program.
Instead of living on campus, I propose to buy her a two- or three-bedroom condo using the housing allowance to pay most, if not all, of the mortgage and association fees. I would then market the other rooms to other female students. These payments would offset anything not paid by the housing allowance and maybe generate some extra income.
I see the benefits being not wasting money every semester by her living in the dorms. Also, we have two other daughters that can follow in her footsteps if they choose the same college. One of them will receive the same GI Bill benefit.
I see the downsides being: possible personal safety and inconsistency of roommates. These I might be able to control through vetting. Also, I think there is social value to living on campus. At 18, that meant something to me but at 40 it no longer does.
What am I missing? I have a lot of experience with long term rentals, but no experience with student housing.