Renting by the room to students is not what I would consider as a source for "passive income".

My opinion is that the higher end stays will remain healthy because those guests have more disposable income while the lower budget stays will take more of a hit.

If not rented in X days, rinse and repeat.Remember: lower your price, but never your standards! 

But generally, if the payment is always made on time, there isn't often a problem.Are there numerous reasons payments end up being late, there are.And have irate sellers been known to contact their lender after a few months and demand they be taken off the loan?

You want the agent to think of you positively and keep you in mind for the property.During these follow-ups, you can gently remind them of your previous offer and let them know you're still ready to move forward if anything changes on their end.

Housing providers are required to renew tenant lease agreements unless they have legal cause to non-renew (now called a no-fault eviction)Previously, all lease agreements had a start date and an end date.

While technically you can do it yourself, you would never get title insurance so you could never sell or finance the property.

Hey @Tim Porsche, we are under contract with a client around something like this and we have had this work done several times with other clients, and of course there is a lot of factors to consider, but I have never heard anything less than $10k. 

I try to copy the type of structure thats working (changing the elevation) and use those as comps when I go to use a DSCR loan on the back end to pull money backend.Knowing what strategy you are going for would help me direct in a more accurate way.

I have never heard of a program like that - I would be doubtful if it is worth it  - Understand a little about owner's motivation to sell. if a building is on the market for sale by FSBO, by agent or public auction - those sellers listing to sell are motivated - they may try to hide there desire to sell and say things like ''I ain't going to give it away!"