From my cursory viewing, the section called "Transaction Summary" somewhat resembles the HUD-1 form, so if you want something familiar looking, look at that. 

Students must live in campus approved housing for freshman and sophomore years, and junior and senior students with scholarships are also required to do so, however juniors and seniors without scholarships tell me they are anxious to live "off campus"Since apartment is one block from university, students can walk to campus, saving them parking permit fees.Additional income could be had by putting in coin laundry, soda/snack machines, and renting out storage units in basement as well as garage space.I have a friend that currently is the maintenance man for the entire university, and he is questioning students as to how much rent they are paying to live off campus currently.OPTIONS:  Rent furnished apartments to 4 students per two bedroom and two in basement unitRent furnished apartments to 4 students per two bedroom and create common area in basement for study/recreationRent all units unfurnishedOption to raise rents by including all furnishings, cable, wifi, cleaning service etc. with them simply paying rent and electric.FINANCINGtax value (not market value) 105,000Taxes $2,200 with no exemptionsProperty currently has a 30K mortgage left of a 55k loan previously taken out to "give first child his half"Owner, due to age is most interested in payments, and leaving remainder to 2nd child for "her half" Owner has expressed the following offer :30K to pay off current mortgage, and 250K to purchase an annuity that would pay $10K/year for his and his daughters lifetime.In its present state, I question whether the property is able to be financed FHA due to condition, though it is a solid building, the maintenance has been deferred.comps on property are practically non existent.MY SITUATION:I have perfect credit, and am about to flip a seasoned home with no mortgage and expect to clear approx. 70K.I am single, steady long term employment, and have no debt.I have a realtors license in inactive status, and have hands on experience with major property improvements.I am a "Dave Ramsey" girl, and debt makes me quiver...  :-)Note: Property is currently in a Life Estate Rev.

Profitability to us = cost (mortgage) plus expenses (utilities, housekeeping, furnishing, supplies - long list) exceeded, plus at least 10% of downpayment recaptured every year. 

Is it legal for me to purchase the place with the intent to add no value and sell it to another potential buyer to save them money and make some profit (15% markup vs 30% realtor commission for example.)The place is a commercial property currrently being sold for value with equipment and furnishings coming with it for free.

Check AirB'nB around the area and see what a furnished rental is going for in the area. 

BUYER and SELLER agree to the customary split of closing costs.SELLER agrees to furnish at SELLER’s cost a Title Policy as part of this transaction.Upon acceptance of this offer, BUYER or his agent will deliver a deposit of $1,000 to the closing Title Company (to be agreed upon).

Their credit may be so poor now that they believe that they cannot open anything that would resemble a bank account or that it would be too costly to maintain.  

Keep in mind that you will need to furnish the place, keep it spotless between guests, and provide small items for the tenants while they are staying there.

As long as you are not furnishing the rental, cigarette smoke remediation is not hard to get rid of.  

@Pedro Leal Hopefully you documented well all of the furnishings you provided and are watching to make sure she does not take them with her when she eventually does leave.