They could positive cashflow and i believe there should be good rental demand from student population but i am not sure about the scope of appreciation in the area.

The primary metric you should be focusing on is return on your equity position.

Review their management agreement.

In some cases, Fannie Mae may approve a PMI removal even earlier than the 2-year seasoning period if you can prove the substantial increase in the property’s value.Speak with Your Lender: Given the complexity here, consider having a direct conversation with your lender and asking for a specific review of your PMI removal request based on the current LTV and any potential reappraisal opportunities.In summary, while it’s generally required to wait for the two-year seasoning period for PMI removal on HomeStyle loans, there could be flexibility depending on the lender’s interpretation of Fannie Mae's guidelines and your property’s new appraised value.

Apparently, they are owned by the 10x PM company and at this time we are inclined to work with 10x as our PM so it makes sense to consider the "Nailed It" construction company as long as I get some positive feedback here :-) 

Overall, the rise of commercial paper has been a positive for the investing community IMO.   

It sounds like you're in a great position with your investment property.

Are they still doing positive cash flow?

In reality, you're not going to want the kind of tenants that want what you have to offer but aren't in a position to buy.

Quote from @Chris Anderson: My wife owns a portfolio of 2nd position mortgages we are looking to leverage.