Do not be afraid to hire out stuff.I am 59 years old and I found BP about 6 months ago and I am still trying to decide what to do.  

Being in this business for quite a few years now I am afraid we are pushing rents to high.

Don't be afraid to ask questions and do your research.

Prospects in the higher-end will likely try to negotiate all terms, including the deposit, so don't be afraid that you'll scare them off by asking for it initially. 

I haven't looked too into it because I'm afraid of being wrong about the market though, since all the schools are commute-heavy and the students may be living with the parents while attending school.

If the former, then I'm afraid you need more than a real estate attorney, you need a securities attorney.  

Also don't be afraid to ask more questions and find the threads that pertain to what you are doing.

If I was a MAN, I don't think I would be afraid of much of anything around that area, not at night either I don't think.

Personally I would be afraid he spent $10k of  somebody's earnest money and now needs $10K to replace it in his escrow account.

I'm not afraid of some risk and can't wait to see where this takes me.