I myself have a 1/1 apartment on Davis Islands near the hospital that I'm considering renting to traveling nurses.The problem with rental arbitrage is that you need leverage as the renter to negotiate assignable lease terms with your landlord.

Holy smokes, I just checked out your website with the neighborhood ratings.

We have been traveling a lot and have run across several approaches.  

It is not, it has limited application, and for travel expenses it does not apply at all.If you do not have a mileage log, you have to do your best good faith estimate and then pray that you're not audited.

I have to close, apply for a conditional use verification, get inspection ( requiring wired smoke detectors, other safety features) and get a business license.

I would like to convert the garage into a one bedroom and rent either to another long term tenant or mid term (30 day min for professors or traveling nurses). 

I was able to travel down and see the property just before closing. 

He rented the stores for office use, like a travel agency, and the other to a video store, when a barber shop of many years closed up.

Another option if you are looking to rent rooms and there are hospitals in your area is to market to travelling nurses, using a website like https://www.furnishedfinder.com/  These are shorter term leases, usually about 3 months, and you are renting to professionals who are in an area for work.

You will be within close proximity to the University and approximately 5 minutes driving distance from the main city area, which also includes the hospital (could be good maybe for a medium term rental if close enough for travel nurses).