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Ok, thanks everybody for all of the wonderful advice. I have decided to wait an extra year, save up for a larger 10% down payment and get some of my family (who do contracting work) to help me out. I will live for the first year in a dorm room to make good friends and build up a credit score. I shouldn't have much of a problem with college payments because I'm living off of academic scholarships and a college fund. I will work on getting a nest egg of $25,000 before I start. ($12,500 down payment, and $12,500 for maintenance/emergencies/fees/taxes.) I would require a year-long lease to each person so that money is a guarintee. I plan to have a no pets/firearms/drugs policy. I will also have the house inspected to make sure that there are no fire hazards. I will also contact a lawyer to make sure everything would work out and how to do the paperwork. I would work out a co-signer such as my parents to get a lower loan rate. In case somebody did do damage to the house, I would have an $800 deposit. For the bills, I would have all of them in my name but charge extra per person per month to cover the previous month's bills (or just charge them about $100 a month per person for a total of $500 per person), no long distance phone calls.
Any other comments? I really appreciate all of this
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