Like people have mentioned above, it will pay off to have a professional in your team.

I am not a lawyer or tax professional, these are just things I've heard.

New BP member here looking to connect with other South Florida real estate investors and professionals. 

HOA fee - If HOA fees are not paid, business will incur fines, so it is necessary to make the profit in the business.8) Marketing expense and advertising9) Cleaning and maintenance10)Commission (Expenses like commission, abstract fees, recording fees to obtain your mortgage are not deductible but rather capitalized )11) Insurance12)Legal and other professional fees(Tax preparation for business, not personal part)13)Management fee if applicable14) Points- you generally cannot deduct the full amount the first year but have to deduct them over the term of the loan.15) Repairs (Note always do repairs rather than improvements to rental because repairs are deductible right away and do not have to depreciate over few years as done for improvements.

I'd argue there ARE opportunities in college towns like Blacksburg, but the real opportunity is for rentals to the graduate/professional, which is underserved in our area.

You must become that professional.

Live in the smallest room (or sleep in the living room) and rent out the best rooms for maximum (and potentially the only way to) cash flow. 

If the latter, how would you approach an increase like that to someone you know on more than just a professional level?

I dont know your intention, so talk to professional. 

Yes, the cash expended is a little more than people that enjoy leveraging would suggest, but for me its a what allows me to sleep at night.I have also set up Lines of credit against a few buildings that are fully paid off in the event that I need to tap the equity in the future.