LNAs are fairly common. 

Not only is that an occupancy violation but specifically marketing your property as student housing violates fair housing.I wish landlords followed the law, because putting the extra occupants in the property crowds parking on the streets and overwhelms them with traffic.

We plan on renting out the basement for around 1000/month (fairly normal for cedar hills).

I should also add that my rentals are in fairly desirable areas with higher rents than most areas.

I'm fairly new as well and have been looking into a similar situation. 

See firm but fair and falls in line with most remarks above. 

You could probably just rent the rooms out to college friends fairly easily. 

I will say that once you hit 4 units in Boston I've heard you're supposed to install a sprinkler system, which is fairly costly.

Those will cost the most.Paint, landscape, and crushed stone can all be done fairly cheap.

I'm fairly new as well and am looking for my first house hack this year.