A student living off of help from a grandparent is a different story than an adult who wants to pay rent up front with no explanation.

Even just having 4 full sized adults taking showers would crank up a water bill. 

After a 2-3 weeks, I finally accepted an application and sent the tenant the acceptance letter to a family of three adults and two children (husband, wife, wife's mother, and two boys).

We spent $1500 (two adults) for three nights but it was worth it.

So I'm torn between a family two-story or a one floor with two master suites for the adult child who remains home or caregiver who takes care of the owner.

I’m staying cognizant of the fact that these are young adults and things will take a beating so I don’t want to put too much money in anything that is likely to get any more damaged than what my own two have done.I’m also assuming that an accountant will be needed to make sure that I have myself prepared for tax time and covering myself against any legal issues.

Also, their properties are not in the city but in one of the surrounding counties so their tenants are usually adults instead of college-aged students.

He says the low rent we're seeing here is a lure to young adults, fresh out of college, looking for an exciting, but affordable place to live."

Each adult tenant pays $39.99 to apply and it runs credit/background/criminal/everything and sends me a notification once application is complete.

Set policies, put them in writing, commit them to memory, and do not waive them:All adults must pass your screening;Nobody moves in without proof utility accounts are established, rent and deposit are paid in full;Rent is due on or before the 1st, period.Late fee is applied on day X, period.3-day Notice to Pay or Quit is filed on day X, period.Eviction filing (forcible entry and detainer) is filed on day X, period.Be prepared to handle lease violations (unauthorized pets or tenants, vehicle parked on lawn, not mowing grass, etc.)A little education and preparation will go a long way.