I have been looking into several strategies to pay it off and one of my first cousins (who is an international student in the US) has saved up $15k and would like to partner with me/ lend me the money to buy the rental.My strategy was to use his money to pay off my 401k loan balance and then do the roll over into a self-directed IRA to buy the rental under my name so that he has the option to live in it (if it's a multi family) and rent the rest.I have done a great deal of research and it looks like as long as I don't live in the rental and also make sure that all the transactions are done within the IRA, then it should be straightforward. 

I was also thinking of investing in Peterborough because I have lived there for 4 years and know it has a strong student rental market.

One of the students asked about the requirement that someone had to be turned down by two banks before they could apply for an SBA loan.

Put some ownership on your kids, they can work a job during school to help pay for a majority of the remaining costs and take student loans out for the rest if they still need more. 

If you are looking for a property next to a college and target students, the rents are usually higher in the summer when everyone is looking. 

- A Humble Student

Honest answer is I don't know as I don't deal in student related housing.

Local examples I've witnessed result in selling the house (and evicting kids / grandkids), because young adults saddled with student loans, wage stagnation and transient employment have do not afford many the option to buy.

And as a college student i could easily rent out bedrooms to fellow students for $450 a month and live in the property myself.

I'm currently in the process of contacting property management firms as I'm currently a student and and the property belongs to my parents.