I would counsel them to do a 5 or 7 year with a balloon at the end (which could be negotiated if both parties agree again into another 5 years of installments), but, anyways.In your shoes, I'd try to negotiate it so you get help and advice and the partner is along for the ride, but give up as little long term free cash flow and - more importantly - equity in the property as possible.

Concerned that if I use it as a downpayment, I'll have twice the amount of debt on one property and it's all riding on my tenants ability to pay rent during these trying times.

If you want to be an investor, focus on that. also unless you are wholly riding a boat, it's wholesaling.

Try to keep your area within an easy bike ride distance to the campus to capitalize on the student population.

Otherwise, by all means ride it out and see what happens. 

What a ride with HUD!  

I ended up lending to those so at least I make a nice return lending my funds instead of sitting on the funds for months on end trying to get a deal.I morphed into New construction much less competition  as dollars are more.. still tight for lots. but margins are better if you get the right lot and sales are much eaiser as folks really like NEWCO.. not sure how that plays in your markets. we pay 100 to 200k for a lot spend 200 to 400k building the homes and sell in the 600 to 800 range..  

(Glad I'm just keeping my SF properties and enjoying the ride up :)   Good luck, and keep us posted on what you're doing with this project.

If the bleach stain is bad in one room, you might want consider either replacing the carpet in the room, or install some laminate flooring in that room, but the cheapest way to get ride of the stain is to have the carpet dyed a little darker than what it is right now, or at least that one room.  

Might have to try different traps and poisons.If you're there a while and you don't see any mice or new droppings then they could be looking for a free ride.