If you have an older home that requires a lot of maintenance, you probably want to avoid the manager who charges a markup.I recommend shopping around occasionally to see if your PM is procuring fair pricing or just marking you up to make money without justification.As for expectations, you need to read the PM agreement and understand what is charged and why.

The property is located near two colleges, so I’m focusing on student tenants and planning for 12-month lease terms.Do you have any tips or advice for renting by the room?

We use RentManager for our portfolio as well, however we also use QuickBooks Online for our overarching accounting software.  

Cold calling is a great idea to get started, but maybe try connecting with local real estate groups or online forums too—they can sometimes have off-market deals.

When researching online, it looks there are some instances where non-vets can assume VA loans, but the veteran's entitlement would remain tied to the loan.How common is this and are there ever situations when this a win-win for both sides?

Small shops with apartments above.

Laundromats that are next to (same building) or attachedwith an access door to a coffee shop, cafe, etc are the best ones to get.

If you have any tips or resources for a beginner like me, I would greatly appreciate it.

Here's a list of things to track:- Formal lease application- Formal signed and executed lease specific to your state- Payment history (I recommend using online rent collection like Apartments.com, RentRedi, etc)- Maintenance requests and receipts- Accounting for all rental-related expenses (repairs, utilities, etc) The more you treat it like a business, the more helpful you are to your CPA come tax time. 

You have gotten so many great tips already.