Don't solely rely on third-party management companies; instead, focus on building a solid asset management plan and, if needed, bring in experts or partners who excel in this field.

Fixing up a property and turning it into student housing is a smart move—steady demand and solid rental income.Great job!

Also, you mention snow removal, is it ever the case that the tenant is responsible for some shoveling? 

Quote from @Daniel Chen: Wow thanks for this awesome response. 

I'm normally not one that advocates trigger-happy decisions, but IMO this kind of investing needs solid boots on the ground, and you're out of town.

Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal level Learn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are needed Know everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

It is not the responsibility of the buyer to look at a previous survey.

It never ceases to amaze us how at one for example, we peak at $400/night with solid 5 star reviews.

I would love to help you get some referrals to help you set up your CORE 4 to get you a solid team to get going!

Thanks for the response.