Does my partner merit 33% equity ownership, or should that number take a haircut for the fact that I'm servicing the debt and managing the tenants?

In your experience, has a specific market ever merited you stepping outside of this rule?

.* Liquidity - you can sell just one if necessary to a larger buyer pool* ROI - larger LTV will amplify cash flow/ROI* Refinancing risks - eliminated with resi, 5 yr term likely on the comm* More tenant separation, less dispute* Diversification - if an area takes a turn for the worse, the 4's in different locales (mile or more apart we'll say) will lesse impact* In my area, landlords don't have to provide a dumpster for 4s', but do for 5+.If you go resi on 4's, might use a bank that also does comm, so that later you can leverage the relationship when you have larger projects or too many units to use resi(even if they're separate departments).The vacancy argument has no merit, you have x% vacant of x units owned, doesn't matter how many properties.Good investing

I'll start out by saying I'm not trying to debate the merits of the "50% guideline."

If you want to be successful your investment properties  must be able to produce positive cash flow on their own merit.

However, students being students, your house will take more of a beating than with some tenants.Your idea has merit, however there is no one thread that is going to show you how to do all of this.  

Commercial loans rely more on the merit of the property (positive cash flow) and your total net worth (you guarantee the loan), less on your personal FICO score (although high FICO score helps) and personal income. 

Every 1031 exchange stands on it's own merits. 

They have a procedure and it's only after you follow it that you get to have your case weighed on merits. 

@Tyler Blodgett I think the idea has merit.