I went from a W2 job to building a portfolio of 500+ units over the last 5 years by starting small and scaling smart.

Once the tenant applies for the unit, you'll have to work with the tenant and Section 8 to get approval, which always includes an inspection of the unit.

There would potentially be some weight issues with the 2nd+ floors of some shopping malls, depending on what the potential tenant wants to store in the upstairs unit. 

If you do, I recommend you hire a real estate agent to help you lease up the units.

Most institutional DSCR lenders prefer one lease per property/unit, however, I've seen programs allowing rent by room strategies.

What will the unit/units rent for and what do you think the property will be worth in 2 years?

We also updated the entire flooring, renovated the kitchen with new appliances, overhauled both bathrooms, and added new washer and dryer units.

I intend to rent out the units by room to college students (does it sound like this would work in this area and what are some general tips/things I should look out for?).

A little more info, I am doing a full cosmetic rehab on one of the units and a lighter one on the other but I am assuming if I am going to split the utilities I should do that prior to any rehab. 

I wouldn’t think this would necessarily be the correct solution in a condo unit.