Cable, phones, food...etc.We were fortunate and made some good money on the two other houses we had when we sold two years ago (houses we had before we met and got married) we wanted a nicer house in a great location to raise our family and found the place that fit and got a great deal on a lot where the owner had to sell.

I am now renting it for $1000/month with all utilities and cable/wifi.

Students must live in campus approved housing for freshman and sophomore years, and junior and senior students with scholarships are also required to do so, however juniors and seniors without scholarships tell me they are anxious to live "off campus"Since apartment is one block from university, students can walk to campus, saving them parking permit fees.Additional income could be had by putting in coin laundry, soda/snack machines, and renting out storage units in basement as well as garage space.I have a friend that currently is the maintenance man for the entire university, and he is questioning students as to how much rent they are paying to live off campus currently.OPTIONS:  Rent furnished apartments to 4 students per two bedroom and two in basement unitRent furnished apartments to 4 students per two bedroom and create common area in basement for study/recreationRent all units unfurnishedOption to raise rents by including all furnishings, cable, wifi, cleaning service etc. with them simply paying rent and electric.FINANCINGtax value (not market value) 105,000Taxes $2,200 with no exemptionsProperty currently has a 30K mortgage left of a 55k loan previously taken out to "give first child his half"Owner, due to age is most interested in payments, and leaving remainder to 2nd child for "her half" Owner has expressed the following offer :30K to pay off current mortgage, and 250K to purchase an annuity that would pay $10K/year for his and his daughters lifetime.In its present state, I question whether the property is able to be financed FHA due to condition, though it is a solid building, the maintenance has been deferred.comps on property are practically non existent.MY SITUATION:I have perfect credit, and am about to flip a seasoned home with no mortgage and expect to clear approx. 70K.I am single, steady long term employment, and have no debt.I have a realtors license in inactive status, and have hands on experience with major property improvements.I am a "Dave Ramsey" girl, and debt makes me quiver...  :-)Note: Property is currently in a Life Estate Rev.

Also, if the tenant is responsible for example, for the first $100 any repairs.You could also provide in the addendum the names and phone numbers of the local utility companies, water, and cable providers that they need to contact to put in their names.

Are there expenses you can cut now like cable, data plans on phones, etc to preserve your cash?  

Because the wiring is pretty old, an electrician told me that I could open a can of worms for extending that line which might create the need for lots more than just a j box and more cable.

Pay only $400 for rent and we share the utilities and cable. 

My tenant used a battery jumper cable end and an alligator clamp to run juice from the overhead wires and around the electric meter.

I guess I should pay for their cell phone and cable too. 

There are cables running everywhere on the outside of the structure and I will follow some and then they are just cut off, so those just need to be removed not a big deal.My real problem here recently is one tenant had Direct TV and HughesNet come out and install cable and internet.