What is your alternative during non-school seasons when units are vacant? 

Expect to pay a few points higher from alternative lenders and less frequently will those loans be adjustable where you can benefit from the fed cutting rates.

If gathering everyone on the same day isn't feasible, detailed photos and videos of each area needing work can be a great alternative for initial estimates.

In terms of debt funds, I'm not considering them because their yields are only slightly higher than low-risk alternatives like GSE bonds and AAA CLOs. 

Any alternatives to this?

Have you considered exploring alternative financing options, such as private lenders or partnerships, to help you expand your business further?

If house-hacking isn't your thing, then maybe BRRRR is, or even just identifying buy-and-holds to just start getting some kind of cash flow is an alternative as well.Happy to help where i can, good luck!

So having an alternative option is always best.

Not the worst alternative. 

BUT, How about an alternate scenario?