You have gotten so many great tips already.  

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. 

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.

Any tips or tools for evaluating the local market would be greatly appreciated.

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?

Our team here at CrestCore is dedicated to working with the out of state investor and have the team in place to make us a "one stop shop" for everything you could need to build a portfolio here in Memphis.  

Welcome to the community and be ready for a huge amount of information at your finger tips.

Welcome to the community and be ready for a huge amount of information at your finger tips.

Could not find much online so figured I would turn to BP.