Some help with leasing would be great!

In general, DSCR loans will require the property to be either leased or at least "Rent Ready". 

When considering a vacation rental property, it’s essential to have a backup plan and understand the numbers for annual leasing.

In the multi unit buildings I put on lease "Each tenant shares responsibility for removing snow and salting on both walkways and sidewalk infront of property" and I have them initial before we execute lease.

What's the best way to navigate this situation regarding the application process as well as the lease administration?

I understand the hesitancy to lease to students but vacancy is so low, that if you can handle a few headaches, it's worth it. 

Plus when the lease is up they tend to move to another updated apt.  

Them physically moving out doesn't end the lease.

You can also offer to lease with an option to buy to tie up the property until you are ready to purchase. 

The property is currently tenant occupied on a month to month lease at $1150 per month.