I honestly have no idea what the likelihood of this would be and it would require a restructuring of our loan to someone else anyway I think (which would require some amount of down payment - likely being another big cash hit)?  

The property does not hit the 1% rule currently but I believe with all the continued development in the community that within the next couple years I can raise rent enough to hit the 1% rule.

Hit me up if you want to talk to my 1031 people for further game planning. 

Unfortunately, we've hit a snag with the property (thankfully very early in the project). 

any other students who have actually hit $1,000,000 and were able to recoup the initial investment?

Cleveland is a big place and not every area can do OK with a STR.Go hit up Airbnb and VRBO and search on the area right around your place.

It was part of a large portfolio fo properties that hit the market.

Are you hitting the 1% rule - or is it more like  0.8%?

I feel like lenders can read through an P&L that might not be technically correct, because you can explain that "project ABC is underway, I'm down $100k on it, but it's set to hit the market in June and we're going to sell it for XYZ."   

If you got questions about acquiring properties hit me up too.