@Krishna Rana- welcome ..one of the best  1st steps to take will be to get pre approved for a loan for a hypotehtical  purchase scenario ...even if you arent ready to buy ...this will help  educate  and organize and prepare yourself ...good luck  ( plus its  free )

So, the opportunity is not well suited for a new investor who isn't knowledgeable about those risks nor prepared to handle them.

@Pandu Chimata, As a private lender myself, typically what happens is the title company has an in house lawyer, where you can get a mortgage and note prepared for free.

This is not that hard to forecast and will impact you much more than your tax preparer! 

I am all for real estate investing and preparing our future so we can be financially stable from real estate and not have to rely on our W2 income to survive.I have been investing for four years now and have a few properties under my belt.

It's advisable to create a detailed budget and consult with a financial advisor to ensure you're well-prepared for the financial responsibilities of house hacking.

Furnishings and UtensilsHowever, you should absolutely be prepared for higher turnover (students don't stay for years) and their lifestyle (being young and dumb as we all were) leads to more wear and tear. 

When the cleaners clean the bedroom, there's literally a cardstock with a greeting  on the pillows and inside the fridge there's some paper food note for them to enjoy the stay.

Just food for thought.

If you're prepared for it, it is not that big of a deal. - It's a long term game.