The buyer would potentially provide a down payment (agreed by both parties) and then the seller will hold a promissory note for the difference between the sales price of the property and the down payment provided by the buyer.In essence, the seller then becomes the bank/lender and then must follow all of the same laws that lenders must follow in the event of a default and formal foreclosure proceedings must occur.In regards to the renting of the property.

@Ben Ballinger, my area is also 3 days to update the MLS, once the offer has been officially accepted, meaning all parties have signed the same document.Verbal acceptance is not officially accepted, and therefore the MLS doesn't need to be updated at that time. 

We have third party property managers that do an excellent job for us.

My favorite part is finding a way to structure a deal to get it down.

And in some cases even furnishing the home with day beds and bunk beds and small minimal apartment furnishings with less square footage in the common areas... to discourage any type of large parties and get-togethers.

They tend to be more focused on studying over partying at that point.

The hard part is deciding which strategy to use..

How do you not look like a sleazy investor looking to sublease the property to a third party? 

The $30 is the annual fee for the REIA and basically goes to cover refreshments at the monthly meetings and the holiday party in December. 

That scenario would be the most attractive resolution for all parties in my opinion.