So I'm speaking from experience, these type of assets tend to burn holes through investors pockets.

Depends on the school, parking availability on campus, bus routes, etc.I speak from experience.

I don't have detailed numbers right in front of me at the moment but generally speaking we try to profit at least 20k on our flips. 

If that happens you could easily have to fork out $5,000 to fix the place up (Speaking from experience here), plus you could lose that rental income during this period.

I was speaking with a realtor here in San Antonio.

I went there yesterday to see if I could speak with the homeowner and pay the taxes and give him a fee on top of it in exchange for the property but he is kind of out of his mind.

Generally speaking though, most states require a person doing business to either; open a new business or register their own business, unless they are operating under certain types of organizational structures.

Practically speaking, you should at least call the various government offices that may have information about liens.

I think for protection purposes you should speak to either a RE Lawyer or a wealth conservation specialist. 

These are good for pretty quick analysis like you speak of.Otherwise use the rental calculators on BP to go more in depth.Good luck!