This is true regardless of how long you have owned a vacation rental. 

If you are looking at this property from a residential and rental perspective, then it may work as long as you are willing to put your own income into the property. 

Is there Anything I can do at this point?

You need someone with boots on the ground and someone who has done this before.

The property is located near two colleges, so I’m focusing on student tenants and planning for 12-month lease terms.Do you have any tips or advice for renting by the room?

I think we just found our next talking point in this month's OKC meetup! 

If this does not happen the seller could walk with your hard work, equity, and money.

Once again, consult your legal advisor on this stuff, but that's what most of our more savvy clients do.

Quote from @Michael Wallimann: @Jenell Poncabare Is there a link to access the starter plan as a pro member? 

That said, it's nearly impossible to find a decent option under $300k in those locations.If you have an apetite for rolling the dice and saying "I'm so glad I bought this ten years ago!"