Keep this in mind when going the VA route for management.2) If a deal breaks/is no longer profitable because of Property Management Expenses, it might be best to find another deal with bigger margins.

Let's also say your mortgage and all expenses add up to $1600/mo.

@Ricardo Polanco barely qualifies as a lease:(This "lease" leaves you open for a lot of abuse and we don't suggest trying to terminate it on your own - or you may get an EXPENSIVE lesson from a judge!

Make sure all property income and expenses flow through the LLC’s bank account moving forward.I recently had a client in a similar situation who waited six months after closing before transferring their property to their LLC.

I'm in Canada where tuition is different (not as expensive as the US), but the biggest expense I see is what students pay for housing and food, not their tuition (US is likely different).Real estate investing is not passive and not something you can live off.

Low risk deals are more expensive, but if your first deal goes south there will never be a second one.

Your biggest expense will be adding a sprinkler system since this type of zoned property has to have one.

Use the "extra" income to build a reserve for maintenance, vacancies, and other expenses that don't happen regularly.

Vacancy/turnover is VERY expensive for a landlord.

It is EXTREMELY competitive and the margins are very thin, so the more expense you can mitigate the better.