Any area can have issues, but pretty common in those areas. 

If I were to invest into one that was grandfathered in, would I have to convert it to a MTR?

Have a six figure 9-5 but exhausted of corporate affordable housing world bs.

Remove the commission (Or just make it very small) and have the rest negotiated into the deal with the seller.

@Caleb Rehg  I would advise your first step is to search this site for college student rentals and student rentals and read all you can. 

It's vitally important to know who you are working with, and have the history of the players involved.

I have often seen many people love the idea of building, but once they figure out the cost, those ideas change.For reference, here in Chicago, you can expect new builds to be between $200-$275/SF depending on MANY factors...that's just a very rough ballpark!

Have you checked the SkillBridge website for real estate brokerages?

if you still have struggles DM me

So, would you suggest doing this and putting him in 1st position, once the home is completed have him removed from 1st?