I believe it is an absolute necessity.  

I pick it up out of necessity from divorce, but ended up moving back in with her.

I know college students can be bad renters if I'm not careful, so what precautions/stipulations are a necessity for this type of renting?

@jordanjosh - Escalation clauses can almost be a necessity in some markets.

Obviously this number changes based on each person's life circumstances, whether they have other commitments to attend to, Etc.For most people property management is a luxury, not a necessity.

Good PMs understand the necessity of speed and accuracy in PM. 

The house currently only has one tiny bathroom (with a tub/shower), so having another bathroom is a necessity.

They won't pay much, if any extra for it.For a family of 4-5....almost a necessity! 

Be the guy/gal who does the better Brrrr, uses higher standards in rehabs, and maybe wire up for backup generator (renter/buyer can purchase, plug in, flip breaker, and turn on to run limited necessities).

Our attorney there recommended that we register our LLC to do business in IL and that would cover most issues.Licensing and compliance can be tricky things and you have to evaluate the risks and necessities of being licensed vs unlicensed.