That includes items such as a bigger water meter, work in public space, updating the energy efficiency, fire sprinklers, and so on.

I feel if you do things right may be you can do 1.5 to 2 times the regular LTR rent but i have seen that the fulL potential of a property in STR market would not reach for atleast 6 to 12 months unless the hosts are able to put lot of energy in getting the reviews and making operations professional 

I bought a business from someone established in an S Corp, believing he's bullet proof, got a million in liability insurance, then he was sued for $3 million.

But you will have to commit time and energy to gain all the profits. 

Don't keep searching for a million ways to finance a deal, instead use that energy to start tackling the challenging of getting the funds.

I think college kids have time and energy more than the typical commercial investor so use that to your advantage. 

There is one other house in my surrounding area for rent otherwise there are a few apartments.Adding flooring and painting may raise rent a couple hundred, just not sure about that - should I just bite the bullet now to try and add value for the long term?

You can focus your energy on getting a deal with creative financing or continue to save.  

I put in a ton of time and energy perfecting my tenant screening process and leases. 

When I dealt with RF buyer's agents as a listing broker, I found them to be low energy and not especially committed to getting showings set and followed through.