The accounting has been an absolute mess. I

Not only would you effectively be giving up your right to proceed by way of non-judicial foreclosure, a very messy judicial foreclosure sale might not succeed and even if it did, ability to pass title would thereafter likely be subject to borrower's statutory redemption rights.

It needs new carpet, everything needs to be painted, the bathtub needs to be reglazed, and some of the outlets are still 2-prong.

Btw, about the need for rehab, I'm talking about what I think should be fairly straightforward things, like replacing carpeting, repairing drywall, but not a complete gutting and remodeling.

This cycle creates an absolute mess. I

(just looking for a ballpark here)- Average number of room turnovers per year - PadSplit says the average tenant stays 9 months- Average cost of each room turnover (room & carpet cleaning, repairs due to wear and tear)- Repairs and maintenance - how much are you typically setting aside for this?

It has been super messy and if this doesn’t close the students will be whipped out and loose 100’s of 1000’s of dollars.

He finished the kitchen demo and removing all the carpet including the tack strips.  

and there's cleaning, carpet, painting, patching.

You throw in hard money and now you're paying to execute this messy, unprofitable investing strategy.