I have used this as well for tenants who don't use the internet and/or don't have a checking account of their own.Otherwise, yes, you could do the PO Box.

Plus the challenge with mid term is you are generally on the hook for things like internet, utilities, etc.

In Miami, we all know how people use rented cars, boats and houses to give themselves credibility.  5k for me is pocket change but I never like to spend money on a losing investment. 

He believes he can find all that he needs to know on the internet.

As already mentioned, he wouldn't be able to use rent from roommates to help qualify but based on the numbers you shared there should be a VA option available considering how much flexibility there is. 

The internet as wonderful as it is has also created a 'wild west' effect that is often unbridled.  

Once you know how the land is allowed to be used by City or County zoning, start working to a "highest and best use" mindset where you find out how the deal can be quickly turned into money by the end user.

. ==== Projected Income ====**Off Season**-$4,000/Month Rent Period: September - May (7 Months) Projected Income: $28,000**Summer 1**-$8,000/Week Rent Period: June (4 Weeks)Projected Income: $32,000**Summer 2**-$8,500/WeekRent Period: July-September (12 Weeks) Projected Income: $102,000**Optional** (Basement Apartment)-$2,000/Month -Rent Period: Year Round Projected Income: $24,000TOTAL PROJECTED INCOME: $186,000 ==== Operating Cost ====-Mortgage: $84,000 ($7,000/Month) -Utilities: $36,200Gas $6,000 ($500/Month) Electricity $6,000 ($500/Month) Internet $2,400 ($200/Month) Garbage $5,000 (Estimate) Pool $4,000 ($250/Week)Landscaping: $4,000 -Mowing: $2,400 ($150/Week)  -Clean Ups: $1,600 (Spring & Fall)-Weekly Turnovers: $8,800 ($550/Week)==== Legal Cost ====Summer Rental Fee: $20,100 (15% of $134K)Sandwich Rental Tax: $6,855 (15% of $45,700) NET PROFFIT: $38,845.00

Because intrastate (single state) offerings must still comply with that state’s securities laws, and because with the internet its difficult for offerings of any size to be limited to investors residing in a single state, the exemption for private placements is the exemption from registration most often used. 

I have been an avid Podio user but I really do like the interface and offerings of FS.