Finding a good/long-term tenant is possible but the nature of 1 bedrooms simply turn more.

I would consider that you will need to work for a broker and they would take a cut.

We are PA residents and had our DE attorney form our LLC in DE...simply because that's where our rental property is!

Close:Typically you can Not cancel your contract simply because you changed your mind waiting for bank approval.

Universities are going to make money, your best bet is to play the game with them and sometimes you can't b/c they simply control the market too much.

With the kind of cash-flow you're getting on this property, it's an ideal specimen for cutting your teeth on being a Landlord.

It got to the point where they would then cut out because we had paid them more than what was left on the job. 

If and when the economy corrects many smaller tenants will likely go bust (I'm not in this space but it feels like sound rationale).In a correction people will cut back across the board but the last thing to go is food and shelter so I see MF as a much safer investment. 

If the tenant decides to move you simply find a new tenant that is willing to pay market rents.

If you cut some deal where the back taxes will not be paid by the seller, then bring that amount to closing.