You need to make sure that your property is easily financeable if you decide to sell it in the future and any future buyer can call out non-permitted items and actually report you to the building department or, at a minimum, ask for seller concessions.

You can get some estimates from contractors for what they charge for big ticket items like to renovate a bathroom, renovate a kitchen, replace the furnace, replace the roof, etc.All wholesale deals should have free and clear title and you should be able to see the sales agreement before submitting the earnest money deposit.

Or can I get the Costco brand items?? 

The AP has to be open, notorious and hostile...those terms have a legal meaning and essentially it is that you as the owner have been fully deprived of your right to the property.Absent those items above, it sounds like at best they have another legal right which is a "prescriptive easement".

A furnished LTR model sounds more appropriate for students as there shouldn't be much movement outside of summer months.

I then would have my tax cpa enter in or do it after discussing tax based items (depreciation- MACRS, reserves, year end accruals, reserves, etc.).

I believe people should have everything they need to cook with and nice kitchen items to use to cook. 

I look at every single item in the pro forma and imagine that it is complete BS, and see if I can challenge it.

Once I get to a point that it is making enough per month that I feel comfortable taking money out of the business that would be when I get to the point that it is worth have a specialist assist me in all deductions, credits, and future items that will help me to transfer from a W2 to working for myself fully.

Are you going to live there also, or do you want to operate a shared housing model in a single-family home with tenants?