Paid closing costs and costs of materials to update and furnish the place myself How did you add value to the deal?

I furnish each room with a bed, dresser, digital door lock and tv (it runs about $500 to set up each room) and then rent the room out for $130 - $140 per week.

It's not a big condo, But I am guess a sale for $220K even non-conforming would not be unrealistic.Rehab and furnishing would be $45K, with $10K for demo which I am certain will be less, but could also be more. 

If you can blend the tenants and have their parents co-sign on separate leases for each bedroom you can maximize the income and furnish the common area/living room.

You are allowed to collect 2x monthly rent for security deposit for an unfurnished home.  3x for a furnished home.

I rented my townhouse in Summerlin ( furnished with not top end stuff  it was all brand new and it did have a 100k reno so very nice) for the price point and area..

We'll be leaving most of the furniture in our current house so we don't have to move it, and so the place looks furnished when people see it.Thanks again for your advice, guys!

Anything like furnishings, draperies, etc. need to go.

In Texas (clearly not your State), Chapter 92 of the code, Subchapter G says that the landlord is not required to furnish utilities from a utility company if the utility lines are not reasonably available.

:P There are nuances to using furnished rental income, but it's certainly doable and we've done a few.