Before making any decision, I would get a customized property evaluation by a local Realtor to determine the value of the property on both sides of the spectrum; sale OR rental. 

I would tell them once they contact the credit agencies and correct all the information, they are welcome to apply. 

@Dan ShuderRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Exit StrategyResale Planning: Research market trends for optimal selling timing.Long-Term Investment: Consider retaining the property as a rental post-graduation.Marketability: Choose a property with appeal to future students or young professionals.By following these steps, you can make a well-informed decision and ensure a successful investment that benefits both you and your student during their college years and beyond.Peter Derry PHD Properties 

However if you understand the process already and what you're trying to achieve and just looking for someone to do it for you, then I would search a bit more to price compare and then make your informed decision.

The only time we need additional information is if they are denied.Once accepted, we tell them exactly what we need from them to move in. 

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

@Ben Syzek,Congrats at the decision to start learning about REI. 

Get as much information from the previous landlord as possible BEFORE meeting them.

I already have an investment analysis workbook built that tells me everything I need to know to make a purchase decision, NOI, COC, ROI, and if the property will achieve the appropriate coverage ratio to be funded.