I dont see how the risk would be reduced on second mortgage unless you are planning to hold the property in some type of llc.

Quote from @V.G Jason: I don't understand borrowing money to borrow money.Especially in this environment, why take that risk?

The intent of allowing some sophisticated investors was to allow people who fully understood the risks of what they are getting into.  

@Wiley HoodYes, there're risks:1.

& how you become financially free is by letting whoever your renting to (I'm guessing that was a step also?)

Also, explore creative financing options that might balance your partner’s limited credit/cash flow without putting all the risk on you.If you're attorney can't clearly articulate this, maybe it's time to find a new one.

Various legal setups can  mitigate a large part of this risk.  

To markets where you’ll gain long term tax free wealth. 

If you put the house in her name and you have siblings or other folks who would have a claim as a direct heir on her estate, you run the risk of losing the property to another heir. 

Its proximity to campus, turnkey condition, and rental history make it particularly appealing to investors seeking high cash flow and low vacancy risks.