Curious as to what the broader investors think of these returns given today's interest rates? 

Also, to the broader thread group, might there be any way where maybe you can do the application fee as a credit towards the security deposit if they get admitted?

If you take a somewhat broader view of the "entitlement mentality" you will see that it is not restricted to the poor.

The duty to defend in Texas (and most jurisdictions) is much, much broader than the duty to indemnify, and an insurance company get in big trouble for violating its duty to defend. 

Pretty much all of the properties I've ever purchased around here would certainly qualify as "value add" plays--so stuff that was run down for whatever reason, where I forced appreciation by improving/renovating the property, oftentimes usually substantially (and then enjoyed appreciation, as well, when the broader property market increased in general).

Although for rentals I would not paint it that way unless you were doing a tropical vacation rental, maybe you can get away with it in a student rental but there is broader appeal if you tone it down.Aside from having the paint color he is using  approved by you and doing a background check if he is an adult someone should review the lease terms with him.

FHA allows a broader range of animals and a more expanded list of assistive animal’s types that are not recognized under ADA.

Actually, non recourse is broader than no personal guarantees.

Now to the broader question of whether this is a good idea or not, I have personally struggled to get a property manager that really performs anywhere near an acceptable level.

However, when I consider the long term sustainability of the investment, I would prefer a broader investment base.