Jeanne Drake Home Preservation Dept.

@Judy P. nailed it "Megans Law" you need to familiarize yourself with it.

The only the I noticed missing was as to giving notice, that personal notice my include any resident of legal age which is common, but just nail the thing to the door, notice served, LOLActually, some LLs attach a clip on an exterior door, handy to post notices or notes, reminders for tenants.

Maybe this is not practical for cost, but it seems like putting ultra cheap vinyl under the carpeting would save the sub-floors if you care about preserving original HW flooring.

Keep in mind  one day you may want to sell this so preserving at least one tub in case you get tired of renting to students may help you if you transition to non-student tenants or sell.

That is one thing I'm struggling with...I have well more than enough on my ideal, and even if I have some off months, I can should still be ok, but as I am sell off properties, and acquiring more, it is hard to nail down those figures. 

And as I read these additional posts, @Zach Davis has hit the nail directly on for #1,4, and 5.

Everyone here nailed it.

I think you hit the nail on the head with your "gut."

Jeff nailed it but it also depends on how hands-on you want to be.