First define what metrics define a "good deal" for you. 

Originally posted by @Gino Cook:yes that is how it would be my buddy would give me the proceeds check after the deal ..ok so your saying nothing shady with that and that's what I wanted to hear thanks Gino,Since someone threw doubt back into the equation for you let me make a couple points on mortgage fraud so you and others understand it better.Mortgage Fraud as defined by the FBI is: "a crime characterized by some type of material misstatement, misrepresentation, or omission in relation to a mortgage loan which is then relied upon by a lender.

While I have Some defined I certainly don’t know or have everything dialed in.

Proximity to campus and dependency on the academic schedule are the conundrum of student housing and are very challenging to reconcile...I'm talking from little experience...but a painful one...just missed the year with my first student SFH despite all my effort to get it ready on time...had accepted offer in January...closed beginning of March...then had very hard time finding a contractor (had about 8 bid on the project)...all were very busy and most didn't even bother to follow up with bids...bottom line...be prepared to hold the place empty for months.From your post it seem you plan to invest locally which does give you a great advantage (I'm 3 hrs away from my houses).Couple of thoughts:In markets where the students want to walk to campus it is very hard to strike on both timing and proximity...you need to be prepare to get places as they become available as inventory is very limited...in my market the students practically don't cross certain streets...very defined geographic area and you have to be in it (this is market specific so you need to map your market).As Tim Simmons said the most important thing is to know your market.

Is it less that then buyer's target price as I defined above? 

Define your goals and buy properties that will help you get there; don't pay attention to the market as a whole, pay attention to your personal goals and evaluate each purchase accordingly. 

The better defined they are, the easier it will be to achieve your version of success.2) As a high w-2 earner week out tax shelters for your RE investing - look into asset classes that allow for cost segregation studies and accelerated depreciation.3) Learn how to conduct market research on various markets so you are not limited by geo 4) Take Action & have fun

@Charlie Shew yes there is, and that is defined by your investment criteria.

Typical leases would have clauses governing "occasional guests" and define what occasional means. 

These incentives allow him to make more money the faster and better job he does and clearly defines roles that fit our individual area of expertise which keeps us happy and not doing the parts of the job that ultimately we don't like or more importantly not good at.That being said my RE business operates the same way (and yours can too).