As always, don't trust the internet, seek professional advice.

Lots to look into here, might be worth hiring a professional to make sure you do it correctly. 

Really stirred opinion and professional answers!

For you to get that type of rent, you'll wind up renting to professional roommates, and it's hit or miss, and so far for me, mostly miss.

When we moved in they had put brand new carpet in, But the place needed little things like door handles on doors and to be cleaned (it wasn’t cleaned professionally because G had her husband do it to save money).

It needs a drain field in the back building and there is no room for one.

As always seek professional advice.

One day you might want to offload the responsibility to a professional management company.

Sounds like you should hire a professional bookkeeper to manage your financials on the day-to-day or month-to-month basis and have him or her report those earnings to a good CPA who is knowledgable about real estate.

I'm quickly putting together a team of outstanding professionals to make this work.