If you can blend the tenants and have their parents co-sign on separate leases for each bedroom you can maximize the income and furnish the common area/living room.

Unlike the leather blends it will not flake off in a couple of years and start cracking. 10 to 15 years from now it will still be great.

Look professional, but blend in.I find it funny that people are like "my husband is there" or "my husband knows where I am."

I also found that if you caulk the seams where the paneling meet it makes the place look uniform and seamless, looks great.

As another member mentioned, it will probably take you an extra month to get the house through inspections (so don't forget to add that contingency into your budget), but it has been my experience that once the inspection is over, everything else is seamless and payments are generally on time.

We had a seamless metal roof installed with everything totaling out to $11,900.

We have extra siding left from when it was replaced a few years back so it will look seamless from outside. 

Thus you need to blend time spend and active management with simplistic discounted cash flow analysis to see which vehicle is "better."  

Try reading this book by John Bogle:Enough.You clearly have more than enough money to do a blend of passive index investing and summarily discard the notion that you need to spend any additional effort for the rest of you or your family's life on anything as banal as the pursuit of additional pieces of currency that add no real value to your life.  

The steps he recommends:1) carefully peel and/or cut off any peeling or damaged spots. 2) use lightweight joint compound or one time spackle over the damaged areas, let it dry3) sand the damaged areas to blend in.4) use a high quality oil based primer over all of he wall paper.5) paint over primer with two coats of high quality latex paint.Good luck!