If the tenant takes issue with this arrangement or has alternative financial reasons to modify the deal, he/she can provide 14 days notice, and if not addressed, deposit rent into court and bring a 504B.385 rent escrow action. 

I already do a modified version and love starting out my day with success.

He calls his way of investing modified buying and holding. 

Will this lead to me having to buy new trim or modifying the existing siding?

I am pretty sure he found a free template online and modified that.

I've also used and modified a HELOC calculator spreadsheet from Vertex 42 that is quite useful in gauging this strategy with your situation.

For our other tenants, as well as for my fiancée and I, having an additional presence in the house certainly modifies the living experience.

I have an extensive negative keyword database, good handle on modifiers.

The borrowers that tightened their family's belt, got second jobs, used savings or got a loan from a family member were "rewarded" for their sacrifices, in order to honor their commitment to the lending contract, by being denied a mortgage modification. this is in accurate there were millions of mortgages modified that were current I had a few of them along with many investors I know.

They both work (as long as you modify them), and it really depends on what everyone else in your student housing market is using.