@Andy Rousch, assuming that this is still pretty early in the semester and that this is a business finance class-- it's a pretty good question to introduce the economics of price control.

A student is not going to rent a room in the middle of the semester, and most students rent before the fall semester.

Our situation is a little different because we use 9 month leases and there are summer weekly rentals  The semester is over when it is over so tenants are there with no classes and just time to party.  

@Adam BrittTake 6 credits at a local community college two semesters a year and you will not have to make payments on your loans.

We are preparing to rent our newly acquired house to students in the upcoming semester.

I was thinking about forming an investor pool for those properties by forming partnerships with the LP and managing the fund with the LLC (being the GP), raising enough for a down payment+ on all of the properties, borrowing the rest and paying out a monthly dividend with the difference of the monthly rent and mortgage (in some cases the student's parents will pay for the rent 5 months in advance for the semester or 9 months for the school year similar to on-campus housing).

With tuition prices increasing every semester at many schools, I cannot see the light at the end of the tunnel.

This is the last month that was paid, so I'm very curious to see if they will continue to pre-pay since it's the start of a new semester, or if they will be late again (or have to be evicted). 

My goal is to work for an active investor to learn the ropes during my last semester of college and then break out on my own.  

Since this deals more in the bookkeeping realm, am I safe to imagine that these rules are pretty black and white when it comes to accounting (I admittingly slacked off my 2 semesters of accounting, regretting it now).