I want as many people as possibly applying so I can pick the best one.List the unit with your minimum requirements.Show the place and reiterate those requirements. 

If you are buying with financing, and not cash, you will need to have anywhere between 3-6 months reserves leftover in order to meet lending requirements. 

We are taking advantage of two new tax saving opportunities that require some additional research and paperwork on our end.

You figure out what it TAKES to become succesful and then use what you have to get what it takes, to become succesful.If it requires 40 hours a day, $3000/week on marketing, decent clothing, proper english, a decent car and knowledge about the niche... well figure out a way to slow down time to fit 40 hours in a day because that is what it takes!

In general, they should have already asked for POF for their required downpayment. 

If you house hack a MF, you are in a position (assuming you can qualify for conventional loan) to buy with VERY low downpayment because of the new lending requirements.

Long-term rent by the room is good in a college area, but will have more wear and tear and maintenance requests if all college students.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

What requirements do banks look for?

While this may exempt it from being classified as a rental activity, active participation remains a requirement, necessitating compliance with three tests: spending 500 hours on the property, dedicating at least 100 hours (and more than any other participant), and performing all the necessary work needed.Additionally, long-term viability and consideration of depreciation recapture are important concerns.