(rent payment at fair market value.)Loan Payments: Ensure the rental income paid by the LLC is used for mortgage payments, clearly documenting the transactions to avoid co-mingling of funds.Insurance:Landlord Insurance: Obtain a landlord insurance policy for the rental portion of the home through the LLC.Homeowner's Insurance: Maintain a separate homeowner's insurance policy for my personal residence.

"Also, if a person can demonstrate sufficient education or job experience showing his professional knowledge of unregistered securities, he too can qualify to be considered an accredited investor."

I've secured financing for many STR deals and I know agents who specify in finding good STR opportunity, I also help my clients mine solid fix and flip/hold opportunities. 

Go to a mortgage broker that will shop around for a loan for you. 

@Eryn GarciaPros are that students generally have consistent income from loans, parents, grants.

Rents will likely go up over time as well.You can also get creative to increase the income by doing MTR, STR, rent by the room, etc. 4) Loan amortization will increase your networth over the next 5, 10, 15 years+. 

Unfortunately, that won't matter as  Fannie Mae and Freddie Mac, the Government-Sponsored Enterprises (GSE’s) that set the guidelines for conventional loans, which most lenders follow for other types of loans, too, require that a condo building’s master hurricane insurance policy provide 100% coverage of the replacement value for the building. 

Your family might benefit from buying a 2-4 unit property with 5% down using a conventional loan.

@Sunny Karen- thanks ...nice sounding plan ....if you havent already done so - make sure to get yourselves  formally pre approved  with a lender  using a hypothetical  scenario ... depending on the loan amt needed ( if any) - make sure the lender you talk to can handle the amount . 

To get the additional 2 months rent plus also any damages that exceed the security deposit since you won't know what damage there is until they leave you may need to sue a 2nd time.