I'm not sure how old you are but you must recall college life, particularly off campus living. just a few concerns:  furnished units have to be covered on your insurance which will effect your premium.you gotta be mindful of damages to the furniture in addition to the rest of the place. not everyone will havesticky fingers but be prepared for the occasional theft during transition at the student occupied units. the bedbug epidemic comes into play particular with the more traffic. again, its my coin. feel free to disagree.kudos,Mary

That's the rent you collect, and not including any expenses such as utilities, furniture, supplies, cleaning, etc. 

The landlord taking it back and your furniture is in all the units.

If this were the case, though, I would probably convert my house to more of a standard long-term rental and go through the process of getting rid of furniture, etc.

Expect to entirely repaint and re-floor, cabinets, bathrooms, fixtures, appliances, outdoor trim and paint.

Also does anyone purchase their own furniture for staging and just put it in storage when it’s not needed?

Here (Myrtle Beach, SC) we have furniture tax on income or vacant property, as well as a higher rate for secondary properties. 

Worried that we might lose those tenants if they take issue with having a large dog in the shared outdoor space, halls, etc.And re. a deposit for this type of thing, any thoughts on what might be a reasonable range?

I fixed it a bit (mostly cosmetic) I staged it with furniture I bought for it What was the outcome?

Once I purchased I fixed it a bit (mostly cosmetic) I staged it with furniture I bought for that house, it's super cute now.