You do that because that 35% includes the cash buyer's profit on rehabbing it along with holding costs and other things.

They work for a company who pays the rent because they are TDY, their credit is horrible, they are afraid of all the paperwork and big banks and would rather deal with a one page lease agreement and someone they "know", they plan on having kids and want to wait to find the "perfect" home, their parents always rented instead of bought, they manufacture or sell drugs and they move a lot, and/or they are just stupid.

You need:a manager contract outlining duties and responsibilitiesState Employer account for workman's comp and withholding for Fed and State SSILiability insurance for the manager & E&O (Errors & Omissions) insurance also.To get out of that trap, you will need to first find a PM of your choice and make sure they will provide the on-site, live-in manager. 

I think I will have enough money in cash to pay for at least 50% of the deal by having my own spare money and my parents as investors helping me out.

I some experience in real estate because my parents were landlords and I helped them out growing up.

I grew up watching my parents invest in real estate, and grow their net worth this way.

I've dealt with many tenant issues (and tenant's helicopter parents haha), but for the most part the kids are good natured.Morgantown is a college town, with what I believe is a huge surplus of beds due to a recent surge of construction.  

I put an offer on a property that was a hoarder house, the only reason it was for sale was because his parents passed away, and all the siblings BESIDES the one that was actually living in the house wanted to sell it.  

@Patrick Liska the furniture is part of the property and therefore covered under damages in the lease and because they are student rentals, parents are co-signing on our rentals so ultimately a responsible adult is held accountable. 

Personally I would think it would be easier to do creative financing for this situation than to raise money for such a unique deal unless your parents really believe in you and have that much money laying around.Let us know how it turns out.