You'll probably need a co-borrower and someone to gift the down payment.There's a Conventional loan (FNMA family opportunity loan) that allows your parents to purchase a home for you (and potentially roommates) to rent while you're still in college.

Any sober living investors out there willing to let me pick their brain on how to underwrite a potential deal?

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

My question is this: How could we structure an arrangement that would make sense for both my potential partner and myself?

The other potential problem is the term of the proposed renter not sure exactly we are going to deal with their lease when it comes time to sell.  

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

If properties in that area tend to appreciate more slowly, especially if you can't start renovations immediately, you may sit on that investment watching potential profits get eaten away at slowly as inflation passes appreciation. 

Sounds like a good plan, should have plenty of options available.I would be cognizant of any group you talk with on two areas, the location of the property including any potential concerns of it being 'rural', as well as the minimum purchase price and/or minimum loan amounts.

I'm hesitant to set a utility cap, as I worry that disclosing a specific amount (like $500) could deter potential tenants.

These will give you a clear picture of the property's current performance and potential.