My contractor said he knows someone who has a home that is being rented by students of the University and he is getting 1K per bedroom.

College students for the most part do not care about the age or the what features your home as to offer.  

Hi all,My name is Tyler McKown and I am a college student at Kent State University studying economics and marketing.

There are no "participation trophies" in math. 

College students are abundant in that vicinity and more willing to take on the trials and tribulations that come with it.

So after a week of self-pity I made a choice, out of frustration at the world wallowing in it, and I told EVERYONE "I refuse to participate in a down economy".

If you qualify as REPS and materially participate on your rentals, you should be able to.  

Newbies are very enthusiastic and want to take action but guru's also know that 99% of their students are never going to pull the trigger and close a deal.

If you're a single mom with student loans, a car payment, and living paycheck-to-paycheck, then $20,000 would be devastating and a reserve is critical.

@Adam David GraningNobody yet pointed out this critical caveat: even if the property is placed in service by 12/31, you will likely need to pass "material participation" test in order to benefit from your losses.