Also don't aim to expensive properties.

Then, in Phase 2, I aim to subdivide the lot and construct new buildings at the back of the lot.

To take measure of self, to learn and improve from "education via pain". 

I would aim for a comfortable safety budget before starting!

Should we aim for properties that might be higher priced?

The property is an 11-minute walk from the university, and I aim to target students as potential tenants.Given that this is my first investment property, I'm looking for advice on the following:1.

I would like to know what type of security measures you all are taking to avid theft and other vandalism of the property. 

It all depends on what you're aiming for.

Without sales I can't measure how they are performing with rent to sales ratio.I won't rent to no credit tenants that will not disclose sales.

You answered your question in the last sentence - disclosures are required on conventional but not for DSCR - these are really aimed at overprotecting the consumer (non sophisticated or non real estate professional) - since DSCR Loans are 100% business purpose and for investors (and typically for experienced investors or non-first time buyers only), there is less need to overly disclose / overly explain everything in a disclosure since its assumed they are experienced and know the basics