Just be careful that the LLC is clean.

How old is the roof, major system:, hvac, electrical, hot water heaters?

This one I believe was a half way balance because each is on 1/3 acre, really clean looking and half occupied.

Does this mean that the property was wiped clean of all debt when it was sold to me at auction?

I owned my own business Cleaning Carpet and Commercial Offices and Schools for 25 years and always thought I could do much better in Real Estate.

Hardwood, parquet, faux-hardwood, tile, etc. are much easier to clean and you won't reduce your pool of potential tenants/buyers.

We were hoping to just clean up the hardwood, but it took a little more than that.Our floor guy said, "No problem.

You should have the electric in your name.  

But if the layout can at least make it so, for the most part, say two bedrooms will be close to or attached to one bathroom so it's clear that the students staying in those two rooms are to use this bathroom, that will make it more likely that the students in those bedrooms will take "ownership" of it and keep it relatively clean and not destroyed.I should also note that a smaller common area will make it less likely that your house will be where all the parties are at.

Leaves me with $241/month true cash flow.In hindsight, I could have rented this property for possibly $1600/mo, but my tenants have great credit with government jobs and a clean record (criminal and with past landlords).