The correct answer to stay or bail is an individual one.  

Assume there is a way to categorize it, track individual expenses, then have cash-flow reports for income/expense come tax season.Thanks!

There are a lot of individuals out there who are in need of an Independent Private Investor.

You set up the "master" LLC in your preferred state and then put individual, local LLCs within the series LLC - like files in a cabinet - in the state that you own the property. 

😅The TCPA which governs this activity states that the SMS must be sent individually to be compliant.Telephone Consumer Protection Act 47 U.S.C. § 227 SEC. 227. [47 U.S.C. 227] RESTRICTIONS ON THE USE OF TELEPHONE EQUIPMENT(A) to make any call (other than a call made for emergency purposes or made with the prior express consent of the called party) using any automatic telephone dialing system or an artificial or prerecorded voice—

This is all to show to a Court and a savvy plaintiff attorney (when you get sued) that your business activities follow corporate formalities and they are separate from you as an individual. 

We would like any tips, tricks, do's and don'ts for those that also rental out individual rooms in houses.

It's got a huge number of wealthy individuals and businesses there and I don't see that changing.

Complete a rental verification, but it should not be from any family member or an individual, request there last apartment, or property management company as a rental verification.

Find a property, develop it, live in it, rent it out and then repeat.Another approach, which I believe may have already been mentioned is to find a mixed use property in lieu of just focusing on a 3plexAnother approach is to find something near one of the universities and run your rental analysis as if you are renting by the room at dorm like prices in lieu of renting each unit individually.