Some valuable perspective is being shared here and although I'm not the original poster, I appreciate it.  

To identify an opportunity you are going to have too crunch numbers and analyze things from a financial perspective. 

I added fresh new touches to the home to make it feel warm and inviting What was the outcome?

My kids can deal with that "lucky problem" some day.From my perspective, use a good PM and the only headache you have is remembering to enter the direct deposits each month!

Hadn't know the couple next door very well, but had been over a few times to know the house was really great, just needed a good cleaning and some fresh paint and carpet.

Basically Subletting.I thought of this Idea from very less Knowledge and Experience in Renting and real estate laws, so I found a few legal obstacles like HOA ( can't have many people live in a small apartment, 2 people per bedroom, I need permission from the Landlord and not all want to agree)It would be a great help for me to solve this Problem of Student Housing if I am able to get Feedback from all the experienced great people here at Bigger Pockets on this Problem/ Solution/ and the Legal Barriers also from the perspective of the landlord. 

That strategy may have the city inspectors direct you differently, you can also tap into their experience and expertise on how to get it done quickly & efficiently, since that is a direct result and common goal all of you would be working toward.Going at it from an ADU perspective, is also a way to help bring affordable housing to the area.

San Fran hit '07 levels, and if you want international London has gone past '07 highs.http://www.burbed.com/wp-content/uploads/2015/03/M...San Fran ^http://www.economicshelp.org/wp-content/uploads/20...London ^From an arbitrage perspective, tier 2 cities are starting to look attractive from a real housing cost basis when you have to spend over 80% (sometimes over 100% if you are more junior in your career path) on living expenses to live out on the tier 1 cities.You can find 1% rule properties in the midwest, that won't suffer catastrophic market collapses, that generates 8-12% cash on cash returns, with the potential for 3-4% long term capital appreciation that you can lever up on.

I am sure from her perspective, she doesn't want to waste time with another flaky buyer. 

Higher Cash on Cash ROI.Definitely some risks and things to look out for from a legal perspective (contracts, rent credits, repair obligations, etc)