The company we are using is charging us 5% of the monthly gross rents plus a 1/2 month lease up fee when placing new tenants.

You are bound to the lease as signed.

Unlike investors in the US you can not risk getting the wrong tennat since we are not permitted to terminate a tennat lease.

As long as you have that lease, you are good. 

It doesn't matter that the rents aren't showing up on you last tax return, they will just take your gross rents from your leases and subtract 25% as a vacancy / maintenance factor and then subtract the new mortgage PITI from the remaining number.

Utilizing the example above, our gross revenue in year 3 is $100,000 because the tenant's lease dictates that their rent is $100,000. 

Do you have each student sign a lease per room?

Account Closed : We are renting out the top 3 bedroom flat of the duplex on an annual lease and living in the main floor flat. 

I could update the lease to state tenants are responsible for any fines from the city but in a multi-family unit determining who is at fault will not be easy. 

. $500 summer lease-this is around average rent for off campus house with Utilites includedExpensestaxs- $1,700insurance- $2050gas- $1,900Electric- $1,200Water/Sewer- $2,000Yearly maintance- $1,000total= $9,850NOI based on Semester Rents Without Summer leases and late fees $26,000($16,150)Purchasing Home with Primary Home Equity.