If it's a smaller college in a bigger area where you could still rent the units normally, then as long as the regular rent rates would work OK you should be fine.

Make sure your insurance covers this type of agreement because I would think the normal homeowners policy would not but really don't know. 

About normal for the area.

I normally run very conservative numbers.

The cashflow is very insignificant compared to how much a property's value can be increased by doing some cleaning inside and out, painting, making the yard look nicer, bringing in better quality tenants and normal appreciation.

My parents house has bubbling paint on the ceiling just caused by shower steam, nothing they did to cause it beyond normal use.Latex paint is more likely to bubble due to moisture and you should not use latex paint on doors or cabinets.

Sub it out--and charge for it.It wasn't normal wear and tear, it was damage from table and chairs that left deep marks and had to have drywall fixed and then repainted, forgot to mention.

Normal inspection, just let the inspector know it's 2 units.

With the ZBA, every normal checking deposit we make is swept directly towards our remaining balance, saving us interest cost.

When your looking at the T-12 be careful a lot of sellers will but normal expenses in as capex to make their expenses look better.