This kind of arrangement can be very good if the market is right. 

If it looks good, I arrange to meet with them the following day for a contract to hold and then I call the prior landlord and employers, and then finally run the background check. 

Does anyone have any experience with an arrangement like this with their tenants?

If a tenant is anticipating a problem paying their rent, they have been advised to contact us as far in advance as possible to make arrangements.  

Maybe attempt to secure a pre-arranged agreement with the university before buying it that would be beneficial to you.  

and replace the potted plants with a better arrangement. 

At the end of the day, your tenants will fight to get a lower rent and a better arrangement.

I always paid for all my materials out of pocket, and then paid the contractor in pre-arranged increments to be paid when certain milestones are hit.

Speaking of paying folks, have you arranged financing yet?

I love the 1% Rule (Monthly Rent / Property Purchase Price) for SFH and MFH, and am wondering if there are any thoughts on how this applies to a mobile home park investment, where the chattel arrangement applies.