Kudos to you for doing something to create a secondary income stream. there are 5 income streams in RE rentals, possibly six if you do things a certain way.The reality here is your model (buy box) is suffering from too high an entry and too high a cost of capital.

I think a return on invested equity analysis outlining a few scenarios with my models would answer your questions. 

It seems the company model has changed a little. 

I just used cash to build my first 3 specs no loans at all.. once done and sold then I went to lima got one loan from them.. then went to local bank ( much much cheaper) and got a 3 mil  guidance line and went on to build 30 or so in charleston.. you have to prove the model.. its not like buying a rental where lenders look strongly at your fico  fico is required but not the main consideration like and investor loan and all you need is 20% down or 30% down and a few bucks in reserve that wont fly with spec loans..

 - recognize you are combining 2 if the highest effory rent models: student rental and rent by room. 

If there is someone's busines model you aspire to, see what they are doing.

We are going to run it as another bed a breakfast - the same model as the other beach property.  

I would like to think it is worth it, and that I could run a business model that serves fewer customers really well rather than deliver basic services at scale.  

Perhaps one day, I will come to understand your business model, whether with NextLevelEquity.com, or Goodin Development.

Once you find that company then you have to make sure that your business model aligns with theirs It is very important that you make sure you take the time to interview and have candid conversations with a PM company.