The only hard part is doing your first deal which I myself have not done yet.

However, we have a couple of student properties which rent by the room - target clientele is predominately international students - and have absolutely no problem filling vacancies at these properties in winter ... particularly the start of winter/spring term in January, which is about the time some folks decide they do not really like their roommates who party all the time and are looking for a new place to hang their hat.

If you use a commercial broker, make sure they represent you alone in the transaction and not both parties (dual agency). 

Of course, I was the one applying for the U&O; not sure how it works when the seller or some other party applies for the U&O so you should ask somebody at that specific township.

You need reserves to hold properties.Your area market vacancy is relevant to cash flow assumptions but not to reserves or holding costs.Consider these aspects;Tenant has a crack party and they get busted and the health department shuts you downFire damage, you don't get an insurance claim paid the next day, I never did.

A neutral third party- possibly an attorney. 

@Greg F. yes, 20K - 70K depending on the classes and days you attend and parties, etc.

Counter-party risk is far too high for them to trade with you.

Guess it sounds like Im a bit late to the party tho.

When you go to court the judge will see the seller wasn't disclosing a material fact and will show "willful intent" to cover it up.That will cook the sellers bacon.The contract lays out remedies for breach by either party.