I understand the normal eviction process, but what other means do I have to get the squatters out? 

That's not normal.   

Aside from that I think property management will be big as this as a little more of a unique situation then a normal college rental so making sure you and them are on the same page.

Why get paid/compensated more for doing something he would have normally done anyway??  

I wake up every morning excited to see what deals I can do each day, and how I can help others achieve their goals. 

I normally do $2500 per unit as a reserve amount, but you can also think in terms of holding 3X, 4X, 5X or 6X  your monthly expenses in reserves which is also good practice.

But I've learned to be very careful when I set the monthly discount to avoid setting the price to less than I would normally make on the MTR market.

Normally purchase SFH rentals, but am in the process of purchasing a fourplex and the quote I received has been way more than expected.Also, while we are in the topic of insurance, any good recommendations for umbrella insurance?

Well, I would normally say you get what you pay for, but there's a limit.

In addition, normally for conventional, you have to bring 20% down unless you qualify for a low down payment conventional which usually has income requirements.