I am not HUD certified agent. 

I would make the check payable to both parties using AND between their names and certify send it to the address on you rental agreement for service.  

So long as you find an investor friendly settlement officer (title co.) that will handle the double closing for you "it's good to go. "  there's a problem with this your assuming that things will flow smoothly but you have little to no idea of what is auctually going on as far as how the escrow officer will work out a double escrow unless you yourself have been trained/certified/liscensed or have spent a lot of effort researching the process   They don't want to have the 'and or assign' in the contract is suspect  and being as though they are a dual agent(working on behalf of both the buyer and seller) it seems that they are operating in the interest of the seller moreso than of the buyer(you).

@Amit BhavsarGo to IREM.org search for ARM certified property managers.

Student housing might be worth looking into.To find out about an area, go to IREM.org search for ARM certified property managers.

@Stephen DeCastroTo find a property manager go to IREM.org search for ARM certified property managers.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookGo to IREM.org search for ARM certified property managers.

So, you the investor are independently buying, choosing the property managers, and lender, while Roofstock is there to make suggestions based off their list of certified providers.  

Weatherization Auditor: BPI Building Analyst certified, Lead Renovator Certified, Working on Building inspector certification.

Rental history must be in the form of rent rolls, bank deposit history, pictures of rental checks, or a statement of the financial health of the property as certified by an accountant.