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.

For example:Tenant ManagementLease Automation & E-SignaturesOnline Rent PaymentsTenant ScreeningMaintenance Request TrackingMarket Vacant PropertiesIncome & Expense Tracking (Do you use QuickBooks and want to continue, or does your current PMS have its own solution?)

I have been told LLC under 1 name as a single member LLC is less complex and less expensive etc preparation wise.

Still have expenses, but no income (hope you have reserves for a lawyer)3.

If you have enough properties, you can ride a tenant issue with the other properties covering the cash flow/expenses of the bad tenant--especially if you have professional tenants who care about their credit score.