If you are not sleeping you should be working and earning more money. 

Always spend a few extra dollars and get professional grade materials. 

Louis City, storage in these older properties is quite limited and there seems to be a solid demand for extra storage units. 

I MIGHT get a couple hundred extra (I do all SFR) but each one costs almost $200k. 

something simple is buy storage shed from Home Depot and place it outside for extra storage for you tenants and increase the rent $50-100.

My investing partner does not think we need to budget for Cap Ex yet because we are making a lot of heavy repairs from the start and she wants that extra cash flow to roll into future properties.

Or maybe there is some combination of factors, like extra easy money plus access to deals that they can partner with students on, and/or something else -- a kind of strength in numbers thing. 

The gain is ordinary income and taxed just like any other earned income.  

If 4/5 of the roommates are upset, someone can pick up the extra part of the rent or re-evaluate their roommate choices.

I'll do a little something extra but this is a good start.