Preparing my first college rental. What am I forgetting?

[Joshua Hilliard]

My wife and I are getting ready to start marketing our basement two bedroom space for the local university. We checked with the city and county and do not require a rental license because we will still be living upstairs and we are only bringing in 2 tenants. They have a private entrance, a kitchenette, a private bathroom, dedicated bedrooms, and a private entrance to the washer and dryer. We live less than two miles from the school and have a number of college students already living in our neighborhood. We have people interested already and we haven't even started marketing yet. The plan is to being in both tenants in on one lease using parents as cosigners. We want the lease to be one year so it renews in the summer. What things should I include on the lease specific to college students? Should I consider two times the security deposit? Am I missing anything big? I'm looking for advice from anyone that has done student rentals. My wife and I are excited but wanted to avoid any obvious landmines that I am too new to see. Thank you in advance!