I'd just caution that you calculate conservatively on ADR and liberally on vacancy rate.

I see you are in CA, which generally has liberal laws so that may make collecting tougher.

A couple other schools like Liberal Arts & Sciences, Welding Technology, and Early Childhood Education & Teaching exist but are nominal in size by comparison.

Fannie has the most liberal policy that states as long as your intention is to occupy the property at some point during the year the requirements are met. 

I agree that a regional/ local bank or credit union is a great place to start for the best rate on these types of things... and with a banking relationship/ assets on file, they can sometimes be surprisingly liberal. 

This was very liberating. 

You have hit the JACKPOT of resources for real estate investors.

Hey @Nicholas Giordano, I think @Jaysen Medhurst nailed it when he mentioned that CT is a bit more landlord friendly when compared to MA and NY...as liberal as CT can be it does have that much going for it! 

I have several investors that have been giving me money with liberal terms for years.

They got stricker and the Fines got bigger and the Lawyer's who may have to represent you in front of the Board Downtown Tampa cost more and the Liberal Judges want to give an extra 90 days without paying Rent or Utilities to the poor Tenants who were able to write a letter for sympathy to not be Evicted because they lost their JOB.