It's a totally different ballgame for someone who is not a real estate professional and lives in a different state.

While this book is geared towards investors, it offers valuable insights into the mindset and strategies of successful real estate professionals, which can be adapted to lending.

Come even the slightest ripple (an increase in property insurance, an unexpected repair, etc.) and suddenly you're drowning in a sea of negative cash flow.Also, are you including both professional property management and vacancy in your operating expenses?

Generally speaking, this is exactly how it worked out for us: our rents are always on the top end of the market, we have very little turnover, and our tenants tend to be young professionals (doctors, lawyers, etc.), so we have zero hassles, with very few repairs during/post occupancy.  

Be polite and respectful, but also professional and strict.

I highly recommend outsourcing your bookkeeping to a professional who is an expert in real estate investing.

I do not claim to be a professional. 

That way when your victims, oops I mean students, inevitably fail you can keep finding others to fleece, and sleep like a baby at night. 

I would also speak to your lender, financial institution and the Realtor/Broker professionals about this situation so, you can make sure you are on the right track, and everything works out in your best interest.

These are professionals with additional training and a stricter code of ethics.