If you want to target college students, October misses the mark as would the placement of medical residents. 

Since you are just graduating college you may already realize that it's not what you know, but who you know (as a personal note, I had college friends that were barely passing their classes however they ended up with really good paying jobs due to "who they knew").

The goal is to rent it to out to college students or long term tenants. 

Secondly can it be used for a child going to college in another city or not?

Does anyone have advice on whether the following scenario is feasible and/or how to make it possible.My 18 year old is working part time and soon starting college.

I’m getting ready to close on a property in a college town in central Minnesota.

College students/people with job Mon-Friday in city/ people limited income rent a room.

I graduated college (mistake) last year, I have -$16,000 in debt from the first year I attended.

Not only is 10, or even 6 people too many for a single bathroom, but the groups that will be seeking out that many beds AND be willing to book a one bath property are broke college kids looking to party (more times than not).  

It should be... a place you lived in, or went to college in, or have family in, or can easily travel to, or want to own a vacation home in.