I intend to rent out the units by room to college students (does it sound like this would work in this area and what are some general tips/things I should look out for?).

The property will need to have a slight rehab to get it up to STR standards, but when complete it should easily be a $200k Gross booking revenue property.

(Excluding FEMA insurance claims)We recently sold a home we foreclosed on in Georgia and I am pretty sure they had a specific form for disclosure of insurance claims we had to complete (my associate did all the paperwork but asked me about the form). not sure if it was fema or not.The form if there was one was optional, because Georgia is a Caveat emptor state.

Rehab Scope:Cosmetic remodel: Painted the interior/exterior, updated the kitchen cabinets and countertops, and installed new flooring.Modernized fixtures: Replaced light fixtures, outlets, and switches throughout.Enhanced curb appeal: Painted the brick exterior, added landscaping, and modern black accents.Timeline: Completed the rehab in just 4 weeks to minimize holding costs.Strategic Upgrades: Focused on cost-effective improvements like vinyl flooring and fresh paint, wh What was the outcome?

That's probably sound advice for single family rentals or flips.

It sounds like you need a reliable and trustworthy partner to help you navigate this transition seamlessly while keeping your solo 401(k) on track.I’d highly BiggerPockets Partner for this, Equity Trust, a top-tier custodian in the industry.

Referrals from local investors on BiggerPockets can be a great resource. https://www.biggerpockets.com/business/finder/agents@Mark Ainley sounds like a great person to link up with!

RentRedi checked all the boxes for me, RentRedi made this first time property novice, show up as a complete professional management service.I can list my property Receive/review Pre-qual apps, full application and access to the background check with ease.Schedule showings, send approval emailsSet up my rentals and collect rent electronically.Handle maintenance and so much more all through the RentRedi app.

It sounds to me that your current lender is offering 67% LTV, which is the norm for most true hard money lenders. 

After thirty years of flipping houses I can tell you that the second you trust the subs completely, things go wrong.