AZ compliance on LLC is dependent on a number of factors including how many investment partners are in LLC.  ...

My take away is that you have found that, at least in your setting: 1) You don't have any expectation of getting tenants for a new property during the semester in which you closed on the property. 2) Having a long lead time of several to 10 months before the semester starts to market the a property helps assure that the new property is filled when the semester starts. 3) Because of these realities, it makes the most sense to close on a new property about 10 months  prior to the fall semester for which you are targeting the best rate and occupancy, to give plenty of lead time for marketing. 4) Expect, therefore, that whenever a new property is added, at whatever time of the year the deal closes, expect to have no income for several months, but it pays to market as soon as possible. 

It gives you peace of mind knowing everything is set up correctly and in compliance with local laws.

Hey Liz,As a loan officer who has completed more than 2,200 loans in Minnesota, I can assure you that attorneys are completely unnecessary, and expensive in Residential Real Estate in MN. 

City compliance is always difficult regardless of building type!

I assure you, I’ve been around the block a few times—though not quite as many times as I’d like when I’m out running errands!

I can assure you they don't have all real estate titled the same.A lender will finance your real estate because the real estate makes sense, your track record/balance sheet  and your personal guarantee.

I assure you there are sharks looking for chum; and YES, vet those sponsors. 

Furthermore, they will pay the monthly rent to my company regardless of occupancy, so the 5K/month is assured.

Terminate their lease for non-compliance.