I would allow him to sublet however I would have to approve of the roommate and it would make the process a quite bit more difficult.I'm still in that "new idea" phase and I only tend to look at the positives.

I can potentially save more by getting roommates when my lease expires in August.

So now instead of a 2 bdrm 3rd floor apt, buying someone else's condo, he owns a 3 bdrm, 2bth in a nice neighborhood, and his roommate moved in and helps him pay the mortgage, so his payments are about the same.

Say the minimum is more like a year, can you get around this by just subletting your unit for that time using a sublet agreement or guest agreement or having "roommates"?

I'm doing and owner occupy for now, I want to fix and flip it if I can make decent profit, if not I might just get a roommate so I can save faster to buy another one. once I have two propertys hopefully saving just get easier.

This is a roommate setting with me living with this potential "tenant."

For $1300 a month you can get half of a 2 bedroom apartment, ie you can share it with roommates. 1300 alone won't get you a studio, you have to leave the city to get something that cheap.

What does their probation mean for me as a roommate/landlord?

If you truly are renting to only college students run your leases August 1st to July 31st and get guarantor forms from each room mate and you can plan on 0% vacancy.

Or sign a new lease with the new roommate since the duration the new roommate will be staying in the unit is 10 months instead of the typical 3 month sublet?