I operate in the Lehigh Valley as a landlord and am acquiring additional properties, to flip and to hold.A natural way for you to get started might be to gain control, if not ownership, of some off-campus  student housing.

Check the actual operation performance of the property like:It's already tenants ooccupied?

This is how I like to operate.

Schedule E or C usually).If you are setting up a multi-member LLC with investors or other partners, then you should probably consult an attorney who really knows what should go into a good operating agreement for a multi-member LLC.  

They are operating illegally at that point.  

Here's an example of how I'm thinking it should be done:If assumed vacancy is 5% on average at stable operating conditions and expenses are $20,000 per year, then tenant reimbursements should be $20,000 x 95% = $19,000 per year.I haven't seen any example DCF's do it that way though.

I would own and operate it. 

@Julie Clark my friend and are I setting up a wholesaling operation in the Seattle area. perhaps you could connect with him.

Hey There - very generally speaking, you need to present the vendor with a Sale Tax Exemption Certificate, and these are specific by the state you operate in.  

Here are some things to consider.Coin operated Laundry - You make money, but you have to collect coins and machines are subject to vandalism/theft.