A lot of universities have students that need mid term housing due to graduation dates, mini semester programs, etc. and I've found if you approach them and offer them a solution to this problem, they are willing to work with you and help send business your way. 

What approach worked best for you?

What’s intriguing is that he’s doing this entirely with investor money, not using any of his own funds.I’m curious to learn more about this approach.

We are everyday approaching a European model where people own less and less of both land and buildings. 

The property cash flows and I could definitely see each investor making at least $1000/mo with the most hands-off approach of renting to an operator and much more if a person ran it as STR or LTR and it is a great diversification play for me as Costa Rica should see much better appreciation than the Midwest, but if I were to cash out I could see five times the cash flow because of the power of leverage.But I think you hit the nail on the head in saying that it is a lifestyle type of investment.  

If they are wanting an even more hands-on approach, then i would refer them out.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

How are you approaching the process of lining up buyers for each property?

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Quote from @Michael Florkowski: I really like this approach.