There are more complicated strategies to maximize larger listings that involve having like multiple listings for same property and do individual room rentals when it is slower and then for larger length stays, larger groups, and more desirable dates you'd book the whole space, but I think its easier to just do two separate. 

Do my 3 associates need to create a LLC to be able to do these renovations or can any individual do them, as long as proper permits are pulled? 

we did this a lot pre 07  in that year Oregon WA and then CA made laws that had lots of teeth about dealing with those in foreclosure.. so we just stopped doing it risk was not worth it.I cant see how an individual can do this really..

They are too much of a gimmick and most tenants prefer to have the bottom-line expenses.

When you can access the opportunities first, you can qualify the lead first, analyse and find the best deals first, reach out and build rapport first , offer your solution first (rather than having your offer thrown on a pile of others the individual has already been given) and so on.

Personally, if I can hold with a little bit of cash flow but good upside appreciation over time I’d prefer to hold.

there's people out there who will fund downpayments for equity in the deal or a preferred return. hit up local meetups and facebook groups and have some conversations

IF you plan on going back someday, and this is the home you want to move back to, then renting it would be a good idea as long as you estimate that it will cover itself, or preferably, cash flow, which it appears that yours will at @ $2K or so per month (after expenses). 

They have people invested in individual properties, especially students. 

You cannot blindly message individuals on BP advertising services.