@Jason O.I've rented to over 700 students (under and grad) and I understand the market well.To do it successfully: time it with the academic calendarSept to May: flat price including utilities and furniture for max revenue, can include a cleaning service to keep an eye on the rental.May to Aug: depends on your city density and the amount of summer classes, increase the price to accommodate the demand or decrease it accordingly.

Happy to help with some creative strategies and chat through some options!

But I am keeping my options open with the central AC unit. 

@Daniel King as long as you give tenants payment options, they can "pick their poison".Most free software for owners, make their money by charging tenants.We've designed our charges to encourage online payments and discourage mailed payments.FYI: not sure you can legally NOT accept cash, but you CAN require them to only deposit into your bank account instead of giving it to you.

Would vinyl plank or just some wall paneling be a better/cheaper option? 

I'm currently exploring loan options that would fund both the purchase and rehab costs.

We are looking at all options and any suggestions.

Keeping both residents (and collecting late fees) is an acceptable option as well.

Out of curiosity, how do you all begin looking for a professional in a sea of options?

@Sean PetrieYes it’s a bad time unless you find some stellar off market dealThe other option is if you are looking to hold something for 7+ years then usually never a bad time to buy