Does anyone have advice on whether the following scenario is feasible and/or how to make it possible.My 18 year old is working part time and soon starting college.

I’m getting ready to close on a property in a college town in central Minnesota.

College students/people with job Mon-Friday in city/ people limited income rent a room.

I graduated college (mistake) last year, I have -$16,000 in debt from the first year I attended.

Not only is 10, or even 6 people too many for a single bathroom, but the groups that will be seeking out that many beds AND be willing to book a one bath property are broke college kids looking to party (more times than not).  

It should be... a place you lived in, or went to college in, or have family in, or can easily travel to, or want to own a vacation home in. 

I graduated college (mistake) last year, I have -$16,000 in debt from the first year I attended.

We have a $500k HELOC currently @ 9% we haven't used. we recently renovated and expanded this house so our basis is prob $1.5M so we're hitting the home exclusion cap.Potential to buy a new home in town (kids still need 4 more yrs before going to college) for $1.2M with some work needed and potential to expand a bit.Thinking we should sell home, take $500k tax free, put down 20% on new home so paying more in total mnthly payments but mainly in interest.

I have also come to learn the house I was living in college for 2 years was not correctly following all of the regulations.

I worked in Management for 10 years out of college, and the last 2 years of my Management career I was working as a part time Realtor, building the foundation for my career before jumping in full time.