Do you have enough income to qualify owning the property on your income - not considering any rental income from your co-habitants?

Your plan is creative but much depends on community property and cohabitation laws of your state whether that would work within a 1031 framework..  

You'll have to be sure to comply with both your HOA (if there is one) and any city/county ordinances restricting the number of unrelated adults cohabiting under the same roof. 

I have enough to place a sizable down payment (15%) contingent upon the sale of my current property but I would be more comfortable bringing in a partner at the 40-50% on the REIT and either figure out an agreement to share the main house on the property or cohabitation for the 6 months a year I'm actually in San Diego. 

And it establishes that we're not roommates cohabiting a space together that may have equal say on all things.

We are ready to cohabitate but I want to make the best financial decision for the LONG term both for us as a couple but for myself in my future retirement life as well.

I think timing is important with student rentals and you could end up with a mish mash of procrastinators or transfers that might not cohabitate well and/or take care of your property.

We were living together for a while when be both slowly realized that maybe cohabitation was not for us.

I've read a couple threads where folks have mentioned nonmarriage cohabitation situations.

Why do two people (co-habitating probably at that) need such a large place?