Take partial pain versus the whole lost income.  

Additionally, setting up leases and utilizing software platforms will simplify administrative tasks.

What are some of the biggest pain points you’ve experienced?

Background: I am an undergraduate student starting a real estate fund with $100,000 pledged from the Administration.As mentioned above I am starting a real estate investing club on my college campus with a good chunk of change from Administration.

I want to put in place some incentives for new tenants and want to know if anyone on BiggerPockets has done something similar.Here are a few ideas I have had:First Month Free: Sign a 13-month lease and get your first month freePets: No pet fee for the first 6 months, year, etcRent Discounts: Offer a discounted rent for the first month or two fortenants who sign a pre-lease agreement before a certain date.Waived Fees: Waive application fees, administrative fees, or securitydeposit for tenants who pre-lease.Free Utilities: Offer to cover utilities such as water, electricity,or internet for a certain period for tenants who sign a pre-lease.Upgrade Packages: Provide upgrades or amenities such as free parking,access to a fitness center, or a smart home package for those whopre-lease.Gift Cards or Vouchers: Offer gift cards or vouchers to localbusinesses such as restaurants, cafes, or grocery stores as a signingbonus.Flexible Lease Terms: Offer flexible lease terms, such as shorterlease lengths or the option to renew at the same rate, to incentivizetenants to pre-lease.Refer-a-Friend Program: Encourage current tenants to refer friends orfamily by offering them a reward if their referral signs a pre-leaseagreement.Early Move-In: Allow tenants who pre-lease to move in a few days earlyat no additional cost.Guaranteed Parking: If parking is limited, offer guaranteed parkingspots for tenants who sign a pre-lease agreement.

The volatility of the markets and constantly changing guidelines have been the largest pain points from what I see.  

They need to hear that they can make a change if they are willing to push through the pain of being uncomfortable (I agree with @Cameron Tope that most people don't want to face the fact in black and white!).

Physical therapists, specialty doctors and administrators often need short stay long term rentals.Remember that you will need to vet each guest and use a regular lease, not a rental agreement for under 30 day stays.

I went to college and got my degree in Fire Service Administration and right around the time of returning home, I got the Real Estate bug myself!

Pain in the *** factor ÷ ROI.