Alternatively, you can simply give them the downpayment your Dad gave you, keep your property, and call it a day...

Thanks for the alternative solution.

But, to the person with a savings account earning 1-2% it's a compelling alternative.

You can't afford to pay a painter $1,500 to paint a unit, but you can look the other way on Chuck in a truck who shows up at 1pm every day to do your painting with a mad dog 40 (or 3). 

Alternately, if you have another website you like for this purpose, feel free to share that too.

I saw another one here where the land lot was too small, it had a cesspool and needed an alternative system with a raised mound and the quote was 40k. 

@Alex Black Feel your pain...finding myself in a somewhat similar situation now with student housing in PA...in my case renovation that took too long and a will be nice house which currently look as if it was vandalized...demo just over and school start next week...hope to get it rented for spring semester.I would do what @Patricia Steiner recommended...but advertised it by room as well...not familiar with the university you are operating in but there are usually last minute transfers...graduate students that return from fellowships or research abroad...international students which many time have harder time to secure places due to lack of credit and such...all these tenants usually look solo...if you can give the option of renting it furnished then even better.I would also not let the PM handle all the advertising...I am putting the ads with my contact on Places4Students...Perchn and Craigslist...the 2 first sites are specific for student housing...heard also on Uloop...then when I get an inquiry I forward it to PM and follow up with them to make sure prospective tenant was contacted.I also agree @Costin I. above that the responsibility is all ours as investors...I would not run after the PM for every little things...but I would put myself a reminder to ask for copies of the leases by Mid-March and nag the PM until I get them...Even that doesn't always work...I was calling both PM and contractor on an almost bi-weekly basis and still didn't manage to make them move fast enough...and high on my TDL is to look for an alternative management when renovation is done.Good luck

If you wish to invest in alternative assets such as real estate you need to find a custodian allowsing that.

Is multifamily going to be the only alternative, or govt provided housing?

Figure around $100 for the roll-out (cost of taking your call, getting into his truck that he provides - filled with all the necessary tools, and showing up), then some time to go and purchase the locks, time to install the locks, time to bill you for the service, time to record and cash your check, and finally add the cost of the locks themselves.