Help me evaluate this off market deal that's non-traditional.

As far as the information that I've got, renting dor traveling nurses can pay about 3 times the traditional rent.

I believe the most common path is to use cash, private, or hard money, and then to refi into something traditional once the work is done.

We've found the traditional "live in one half and rent out the other" is a little bit more difficult to accomplish these days but we've had luck pivoting to buying a single family home with an in law suite with separate access.

Thus do it as a traditional transaction whereby you get title to the property, and if there is a loan, it is a deed of trust and a promissory note.

Might be worth seeing how flexible the price is.Cypress has a newer Duplex/4plex community...the numbers won't work as a traditional rental but might make sense as a house hack.If you look further out...there's a new construction neighborhood in Sealy (Westward Pointe) with lots of incentives that I've sold a few homes in...the appraisals mostly have come in much higher than the purchase prices.

If you're able to purchase a multifamily close to the school it opens up the possibilities of using the units for traditional long-term rent, renting to students or AirBnB. 

You cannot however do traditional 1 year leases using a second home loan. 

What I would really concentrate on is analyzing the deal as a traditional long term rental without you living in the property in 1-2 years.

We follow the traditional standard CA real estate rental form - nothing fancy.