L
eAnne Carswell, a 51-year-old real estate agent in South Carolina, decided to buy a townhome for her son instead of paying his rent while he attended Clemson University. She thought the estimated $8,904 annual housing cost was a waste of money and wanted to find a more cost-effective solution.

    Her son had previously lived on campus with three roommates, but when it came time to look for housing again, they were quoted between $1,000 and $1,200 per month. Carswell refused to pay that amount, so she started searching for a property to buy. She remembered hearing about other parents owning properties near their children's schools and decided to follow suit.

    Carswell found a townhome in Pendleton, South Carolina, just 10 minutes from Clemson, which was being sold by a Clemson soccer coach who had only owned it for five months. The home was fully furnished and had three bedrooms, two-and-a-half bathrooms, and 1,523 square feet of living space. Carswell bought the townhome for $227,000 in cash.

    After closing on the property at the end of February, her son moved back and forth between his old place and the new townhome for a month before coming home for two months. When he returned to school, Carswell rented one room to a friend's kid for $775 per month. She is considering renting out the smaller bedroom in the spring but isn't sure if she'll get as much rent due to its size.

    Carswell expects to profit or at least break even when she sells the townhome after her son graduates. She has a sister with two boys who might be interested in buying the property, but for now, Carswell is taking a wait-and-see approach.