So short of total economic and social collapse where nothing will matter but guns and food and fuel, we have to play the game.

those are all based on the asset, my experience and my side kicks (who my insurance is with, etc) so, its possible to play the game as a self employed person....  

Shop around and don't be afraid to play the lenders off of each other.

The investors who play the long game always make money is the moral of the story.

Turn-over will be high, and you will need to market your property during the start of each semester as vacancies happen.This is just a few points, I just realized after typing these I can play the pros and cons game all night lol Students are a lot of work, but they are worth the return if you don't mind actually being a part of your "empire"

Do they always run a title search or do they just play the odds?

You can even play the credit card cash advance game to get a quick $5,000 to $10,000 or so for a 3% transaction fee as long as you pay it off in the 12-18 months no interest period.

Play the cynic and assume the worst.  

But it is not customary to pay for an inspection without a signed around contract as others have stated.but if your going to play the low end game then its buy as is and set your price accordingly.

There's a lot of ways to play the game, and so many angles to consider.