My parents own a couple of properties in NJ, and recommend I do local first. 

It's their parents.

However with that comes parents with the means to pay more for their children's student housing.

The property is in Connecticut, I live in Massachusetts and my parents are in New York.

You’d gain tax deductions, and you’d relieve yourself or your parents of any additional work regarding reservations or repairs. 

If your place is uninhabitable, tenants can end the lease or withhold rent until it’s livable, but I like to keep things friendly by offering a temporary rent reduction or helping them find a short-term solution.

We started with like 15 and we are now up to 135 (not including their parents that call).   

Currently we have about 135 tenants, not including parents who call/email me whenever they want due to having a bunch of needy, entitled honestly 22ish year olds.   

This happened to a friend when her parent died. 

Of course the co-signer should be significantly stronger in ALL areas as compared to the applicant...usually this is a parent or relative, and they should be well established, with ownership of real estate for years; long and stable employment; no, or very distant, criminal and traffic court records; well funded SAVINGS/IRA's or stock market accounts.