I didn't think it did but after researching some, it seems it applies to anything that's not deemed a "boarding or rooming" house (new law in December redefined this).

I would prioritize finding an accountant who specializes in real estate taxation over one that is local.There are 20+ accountants on this message board who specialize in real estate taxation.

I've dug very deeply into this in Massachusetts and according to the State Board of Registration in Real Estate, you cannot engage in wholesaling (assigning contracts) unless you actually own the property - and that's more often referred to as "wholetailing". 

Here’s the applicable info: http://www.dpor.virginia.gov/uploadedFiles/MainSite/Content/Boards/Contractors/Contractors%20step%20guide.pdf

These schools actually look pretty decent, although with mostly 1-bedrooms, your tenants likely aren't families with kids.  

While this does have an impact on vacancy across the board, I feel the types of students renting these units are not the same as people renting $300-400/mo. rooms

Pass on down to kids. 1-2 million.

As a result I did think it was in scope and the right thing to do, especially since I was promised a smooth transition during the on-boarding call and have been paying Company B to manage the property (including rent collection) since November 15.

Many homes on the street are boarded up.

Her support was needed through it all with the kids, the house, the understanding, etc...