:)  But, that means I'm throwing every dollar of rent towards the next down payment, and my bonus checks towards down payments as well.  

Washer/dryer will be a big selling point to the college students.I'd also change up the ad and show more of the bedrooms - maybe advertise as 4 bdrm 2 bath with an office and bonus room or something like that.  

When I run my analysis, I make sure my expenses are covered, my cashflow is acceptable, and COC return is close or above what I'm trying to get.I've always thought of appreciation as an extra bonus to my investing.

Bonus points if it's a service that can also handle order taking/order placement. 

This is a business not a casino and if it comes to a bird in the hand versus a gamble I think you are suppose to take the profits!

Ray Leon one of my rea's out here is Dawn Brenengen She also has property management experience which is a extra bonus.

The money from bonuses and options allowed me to build a small stock portfolio that is the seed money for my real estate investing.

I assume they are treated as a regular rental with a life of 27.5 years with accelerated or bonus depreciation on the fixtures, etc.  

*Bonus points if any Houston area realtors have any local insight!

For me personally I look to double my money in 3 - 5 years and the investors I bring in to yield them a preferred 8% return and an annual bonus payout based the the cashflow of the property that has no cap with a 35/65 investor split.