Hi BP - wanted to hear some thoughts from everyone's creative minds on this: I am in the Richmond VA market and one of my off market leads is a person who is letting a home go into foreclosure. 

Many of the places we saw were what we associated with typical student rentals - old houses in fair to poor condition, with students sandwiched into small rooms and ancient common areas in serious need of updates.After much searching, we came upon a nice 5 bedroom brick home about the same 10 minute walk from our daughter's main classroom building as her freshman dorm. 

He buys for low money like 10k-30k single family units that are 3 bedroom, he makes sure they are up to section 8 codes then finds people to rent them through section 8.

It’s a 2 bedroom 1 bath she pays $600.00 plus electric.

I am guessing you are looking at a 2 or 3 bedroom model, which there are some on the market.

I guess I was getting a little bit ahead of myself when trying to get creative and derive value.

I'd rent a 3 or 4 bedroom house and lease out the other rooms (if your allowed to sublet). 

The house is 7,791 square feet with 5 bedrooms and 4 baths.

Bedrooms: Both homes have 3. $0.6.

If you want to do low $$ deals, learn creative financing and find subject to on nicer houses.