Rooming House

I am considering buying an 18 room, rooming house.
Does anyone have advice on how to manage the property?
I plan on doing long term leases. I have already contacted a few Social Service agencies in my area, to see if they are interested in a block of room, or if they are interested in Master Leasing the whole thing. There is definately interest for that.

Does anyone have pointers,advice or words of wisdom for this undertaking?
Is there a specific lease for rooming houses?
Do you still collect 1 month security and rent?

Located in Ct

Howdy Macrei:

Most rooming houses I have seen are in low income areas where the rent is paid weekly. As an example the rent may be $50 per week. I would try to find some one to manage it that would live there for free rent plus some beer and cigarette money. These tenants move at the drop of a hat and are not long term tenants. The exception to this is a MHMR facility that is privately owned where the rent is paid by our Uncle Sam. These are usually 1 year contracts and can be quite lucrative if you have the patience to deal with the clients. Another possibility for long term leases is leasing to the elderly or even an assisted living facility.