Hi Ben, intriguing idea and I can't answer most of your questions, but the one thing I will throw out at you is that this would likely be considered a commercial loan by most lenders (but not by all) and a lot of folks who specialize in those won't do owner-occupied projects, as the disclosure and regulatory requirements of each don't always jive together.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookYou might consider Niche or Specialized Housing like student housing.

The challenges are:Condo association may not allow you to rent them or only allow for certain amount of time.Association fees eat into your cashflow and if they get raised or there is a special assessment there's nothing you can do.If there's a problem with the tenant and they break one of a hundred association rules, you're caught between them and the association.

Also, many homeowners policies provide for protection in the event of a special assessment.

@Alexander Moses  best thing if you actually want to be in the industry is to simply get a RE licnes and go work for a brokerage that specializes in what interest you..

Hi all, My partner and I went to set up our business bank account nearby where he lives (Harford, MD 21085), at the Navy Credit Federal Union but due to technical reasons (me being a partner and no longer being in the military or other Dept. of Defense job), we weren't eligible to do so there. 

Our management company would specialize in finding housing for college students.

If you're still looking for a broker, I have a recommendation of someone who specializes in working with investors and this broker is an investor himself.

we take the first month and sec. dep at lease signing, unless special circumstances exist, I think Brandon may be referring to Ernest money that would be applied to first month, and that would have little regulation, unless you are licensed, and use state forms that direct where the money goes, and how it would be distributed. 

You might consider Niche or Specialized Housing like student housing.