However, you very well could be sued for refusing to rent an upstairs unit to someone because YOU didn't believe they had the necessary mobility/functionality to live in an upstairs unit. 

I would take the time to clarify expectations in writing and also to make an agreement for what you all believe should happen if for any reason he is unwilling or unable to fulfill this function in the future. 

Appreciation is largely a function of time.

I've heard a lot of pro's and con's, and i just totally believe that this is a very good niche, assuming that students in my desired location rotate a lot quicker than other colleges.

While some of these buildings fails in high winds and huge snowloads, that's more of a function of engineering.

I would venture your best preparation for this type of venture is to actually work at one and gain insight to how they function.

I like the business, event, neighborhood, tip rotation, I think I could probably do that consistently and keep up with it. 

If your tenants aren't very smart, odds are they won't understand how to use the smart technology, particularly when it's not functioning properly.Technology does some really neat things, but it can also cause some really big problems.

Some brokerages want you to work in the office and function more as a full-time agent, and some are perfectly happy to let you do your own thing.

Ideally, there would be enough landlords on the site along with easy enough functionality that you could verify any landlord reference by contacting that landlord on the site.