Learned how to schedule and manage subcontractors as i was doing about 75% of the work on this property myself and subbing out trades (plumbing, electric, drywall, HVAC).

The crazy accelerated losses on your Schedule E are great for taxes in the interim, but it confuses the hell out of lending institutions that follow a traditional model of just assuming you lost a lot of money on these deals.

Since the closing is just before college gets out I would like to hire my son and some of his buddies. 

Your agent schedules the inspection for 4-7 days, but the initial walk-thru is to verify condition and keep you from paying $500 for an inspection if there is a fatal flaw with the property...all identified by an experienced agent with construction experience.You should be doing a de-brief after the walk-thru and building a preliminary scope of work to estimate your renovation or repair costs. 

I think that if the income from the property is logged in your schedule E of your tax returns then you can get around having to provide the lease(s). 

My worst financial decision ever was not dropping out of college and doing $2,000 per year IRA's at 18% fixed.  

Was a small single family in a college town approved for student housing. 

I know there is a hospital, community college, the Chobani yogurt exec offices along with other stores. 

Challenges include getting my contractor back to finish drywall, getting the plumbers scheduled to finish the work and supplying the furniture/supplies for the airbnb which gets costly.

The property is in a desirable area right next to Rhodes College campus.