In the summer months,  I prepare for the new students arriving for the semester. 

Are you prepared to do that? 

We are currently looking at refinancing to get out of the PMI on our first and primary residence, and I saw a "scam" on replacing your mortgage with a HELOC and you'll pay down your mortgage in 5-7 years without doing anything!

@Jonathan Greene I'm not sure what you mean by "most will not cash flow as an out-of-country investor" as it might suggest that the cash-flow of a given property has something to do with the nationality or residence of the owner but, in any case, you're absolutely correct that, historically, the net rental yields of LTRs in US cash-flow markets like the Mid-West have been typically higher than in the average European market, although that wouldn't be the case for many other US markets like California or New York.

Look into how your county handles properties of deceased residents who pass without a will or trust.  

Quote from @Erwin McClain: I had rental properties out of state but I have been renting rooms in my primary residence for over 10 years since my 2 boys have moved out.

Investment Info:Single-family residence fix & flip investment.

Based on the tenor of your posts, I've got to ask - do you have your primary residence squared away?

Investment Info:Single-family residence buy & hold investment.

Some towns require a nightly online form to be filled out for any non-residents who are parking their cars (this is easily automated from an operational standpoint).As the MTR market becomes saturated over time, those who have separated themselves from the rest of the "competition" will continue to perform well by having an outstanding listing and all the MTR-specific amenities.