House hacking a student rental

[Betsy Kost]

Hello All, 

My husband and I have two small kids and are looking to purchase our first house hack within a couple blocks of a private post-secondary institution. Two questions:

1) When does the typical lease cycle start for student rentals? Classes start in August. And is it typically a 12-month lease? 

2) Is one single lease for a group of students (four in this case) the best, or a rent-by-the-room setup? 

Apologies if this is posted in the wrong place. First timer here! :)