This practice of renting by the room is very common in college towns; you can probably get some good ideas from the websites of these type of rentals, including rules, applications, & leases.  

With a few exceptions that I do not believe will be applicable here. 

So, again, I have a hard time believing I'll get something under contract by offering the 70% rule.Do you guys still find the 70% rule applicable?

We plan on acquiring smaller multi unit properties initially and as we progress rolling them into larger multi family properties. 

Turbo Tax or any crank out your tax program isn't considering future ramifications of your current tax elections, it won't address inventory accounting methods such as LIFO or FIFO (look it up) where economic conditions may be applicable to your operations, Section 179 isn't always the best approach.The only "issue" I see with the comment by @Ted Lanzaro is that his statement wasn't qualified fully, saying less than $150,000, that should have been mentioned with an income of being greater than say %45,000 because if you don't have any real income you sure aren't going to save thousands.

Congrats on your progress so far.

I am familiar with the standard Zillow and alike applications.

The logical (or maybe traditional) progression is to move onto larger and larger properties, which I've had my eyes open for.

The problem is finding the Path of Progress where your property value is really going up.

Do most apartments use third parties to screen applicants?