I've personally been burnt badly on the no permit game so we are singing in the same choir! 

If the answer is NO - DON'T INVEST THEREFrom my experience and speaking with investors who have been in the game for a long time - their success comes down to: buying solid assests in solid areas, holding onto them for a good amount of time, taking care of them, and finding tenants who take care of their assets.

I need to step my game up :)

Vacancy rates will definitely vary based on location.

The University related events can make or break a full year, so you really have to capitalize on Graduation, Parents Weekend, and home football games.  

I can tell you that this is a very technical area and laws will vary tremendously from area to area.

Also, what’s working for you these days to stay ahead of the game?

It varies year to year as it is business income, but generally it is around 20% or a little bit less. 

Instead of waiting for things to calm down, focus on these:Local Market – Real estate varies by location.

I have started to steer away from Florida's tax certificates since the hedge funds buy nearly all of them for 0.25% interest and bumped all of the little guys out of the game.