Crew expects some relief through the 721 UPREIT for the student housing properties but details on the execution are hard to come by.

This project I expect to have fully complete renovation wise in 2 months and am coordinating alongside my full-time PM support. :)

After pointing this out, I would have expected the cost to be eaten by them.

It was all really quick, and the time to complete everything happened a lot faster than I expected (which was a good thing).I was worried at first that I had to use all the partners that Rent to Retirement had, but it was really easy for me to shop around for different lenders with different terms and rates, insurance providers, and property management company.

Tenants with bad credit know it and are expecting you to ask for a larger deposit.

If they do, you may have a chance under the scenario you're proposing - if they share your concern for it's condition (although that seems unlikely since they've been living with it the way it is for some time, it seems).If you own it, it's pretty lowbrow to expect a neighbor to invest in your property. 

You have to expect costs, headaches, and surprises. 

We've been fortunate that it has been outperforming the expected 7% year over year. 

I am still personally buying rentals but I am not expecting much in the way of cash flow at the moment.

:)----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?