University students nearby were hot on the market, and I couldn't turn down the rents I could get.

I'm a full-time graduate student at DePaul University pursuing my doctorate degree as a Certified Registered Nurse Anesthetist.

I'm a full-time graduate student at DePaul University pursuing my doctorate degree as a Certified Registered Nurse Anesthetist.

They were sure that their house would close on a certain date post lease-signing, and upon my urging (twice) they confirmed with their real estate agent that their buyer's financing was secure.

From 85k of students loans me and my wife have brought it down to 30,000 in less than 2 years .

Potentially look for a small duplex/ quad, live in one and rent out the rest (as a buy & hold) potentially to college students with parents as cosigners of course or should I focus on raising capital while this tipping point boils down and prices drop some before I decide to go in?

I've been reading and consuming content for 8 months, my husband and I are working to save our first 25k, and I have a hefty student loan bill I'm paying down. 

Then you can collect passive interest on the way down and sell for a capital gain when interest rates bottom out again.If the market is head down for let's say five years, I would avoid dividend income from stocks, because the capital loss will probably put you in the red, unless you can hold til the top of the next cycle.If you find true passive income with low risk and little capital (assuming you have student loans like myself), please LET ME KNOW :)

My initial thoughts are to convert it into student housing where I've heard some people will rent rooms out to international and domestic students and collect a good sum. 

Possibly pay off some credit cards/student loan debt with any remainder.Cash-out refi and basically do the same thing (i.e. put substantial down payment on another property/pay off debt) .