Rent by the room or by the unit

[Deanna Skelcy]

We are looking at purchasing our first rental. It is listed as 2 units but is really a ranch with 3 beds and 2 baths on main level, 2 beds each with their own bath and kitchen area in basement. Our thought is to rent to college athletes (or other college students) in our town. We have ties and feel that we could establish a good source of tenets. What are the pros and cons of an idea like this? Would it be better to rent the unit by the room or as a upper amd lower, or as one entire unit? My concern is if we came up with an empty room or two it would kill any profits. Being new to the game, we would appreciate any and all advice from those of you that have dealt with this.