Contract terms that are contrary to public policy are void.Always have a local lawyer review your lease, unless you are using a standard form lease from an organization that has itself had the form reviewed by a lawyer.

Here are the things I consider when looking at a college town:-Market Rent-Public transit and parking-proximity to campus (closer is not always better)-availability of a good property manager that understands the ebb and flow of demand cyclesI have a duplex, and hopefully soon a 4-plex in a college town that do really well.  

Need for tenants to move out of the city to find housing they can afford, yet further from public transportation and jobs.3.

I would also recommend you review Publication 1586 for a good description of how to avoid penalties for incorrect and missing TINs.

Before I send each mailing, I check public records to see if the property has been sold.

Notice I said crap, the real deals will be found when you talk to the brokers who have the crap for the public, ask them about other deals. 

Do you have public water and sewer, well and septic or a combo of the two?  

Are there any public resources where I could pull comps for smaller properties?

Regarding question number two about whether or not your transaction will be tax free, see IRS  publication 523:http://www.irs.gov/publications/p523/ar02.html

I further expalin that since the mortgage is public record, they are basically saving me time if they tell me the details of the mortgage.