If you use the search function, there are a number of threads on this.Pros-you can rent by the room and make more moneyCons-students are often less experienced at living on their own and may do things that result in repairs (eg wrong soap in dishwasher), higher turnover, more calls to deal with things, higher chance of parties.If you do it, you may want to get a cleaner in once a week to clean common areas (students clean their own rooms and keep the place tidy, wash their own dishes) and you will need to get someone in to take care of the yard.

If it's anything like the yard before I made him clean it up, it's going to be horrendous.

If you're not willing to pay that, do us all a favor and DIY manage.

The tenant fails to pay their last month of rent, moves out, and leaves some cleaning and repairs.

Inform them they may be responsible for any smoking remediation that needs to be done on their move-out, such as carpet and curtain cleaning, painting, etc if there is a smoking odor or residue.3.

Any supplies you buy to clean the house between guests. 

Charging a $200 cleaning fee on a 2 night stay (or 1 night!)

@Sandeep DhallI use DIY and I love them for the algorithm-based studies.

I suppose you could buy and sit on land, and that's relatively passive, but beyond that virtually anything else is going to require some level of financial inputs (maintenance, capex, value add) and time inputs (DIY, managing the manager, etc) in order to realize the best returns. 

I've been searching for a while here on BP but have not found a thread related to my situation:I've been renovating and renting a property for just over 2 years and may be in a position to sell/close in the next 30-60 days.I am trying to cut-off major projects at this time to make a clean break, however we have committed to replacing windows in one of the units (windows are already ordered), with total project lead-time of 45-60 days (windows have been hard to get for the past year).In the event we have a closing date PRIOR to window installation, how should we handle paying the contractor?