Keep in mind the 1% rule gets significantly more challenging to satisfy as you look at bigger, more expensive properties.

I simply never replied to him and within an hour he told me "Never mind I was able to borrow the money."

If you don't mind, I'm going to share with you a step-by-step guide that commercial brokers in NYC like myself would use:1) Check market demands: Before anything, you'd need to find sales and rentals reports for your neighborhood and check the current inventory.

one of the best kept secrets in the US in my mind.  

Hey @Alec McGinn If you don't mind paying the percentage or 1 month of your gross rent, a good PM can really make your life easier.

Also, for the purpose of general education, would you mind sharing how you got into this situation?

Most students want to be able to walk to campus, so keep that in mind, too.

In my mind, I'm just like, what if you don't have clients for months?

No one in the community wants to vote for that rule because they want the flexibility to rent out the unit in case anything happens.Condo's are usually against short-term rental/Airbnb's but otherwise I don't think anyone will have any issue with a year long tenant especially when they don't have a rule defined against it in the association laws.Just be mindful of your neighbors and extra cautious when you screen your tenants, which you should do anyways.

@Jerry CinorHouse hacking is great if you don't mind living in the same vicinity as your tenants.