Note, no property management company currently, all done internally.  

We work with a ton of out of state and international investors serving each facet of the investment process.

Sotheby's International Realty and am in charge of acquisitions and analysis for our small investment group.

@Ryan Johnson we have a database of items that serve as a kind of internal "product catalog" with standard furnishings and amenities (also paired with cost-effective and luxury alternatives).For example, we know the average cost of a shower curtain, bath mats, toiletries, towels, etc for the bathroom.

I have traveled and lived extensively in Europe (Germany, Croatia, Italy,Spain, Belgium, France) and also in the Pacific (Korea, Thailand, Cambodia, Vietnam, Phillipines, Japan).

We have too many California's coming and INTERNATIONAL investors driving our prices up as well.  

At only 6%/year, that's a profit of $11,700 in the 1st year, not a bad return on $40k down.I highly recommend doing a full analysis of Internal Rate of Return (IRR).

And finally there are international investors who buy US properties just to park their money in a safe country and safe asset class.

Students sign a 9 month lease for the school year at $8,500 and they fill the units with interns during the 3 summer months at $500/bed ($1500 for 3 months). 9 month lease GOI: $204,0003 month lease GOI: $34,000Total GOI:          $240,000The owner says he's been pushing for $600/month on the summer interns and $9,000/ 9 month lease with success but we'll stick to the numbers I have listed above for simplicity sake. 

Thanks @Brad France, do you happen to have any contact info for Peter?