I’m wondering if anyone has any experience / recommendations for a door entry system where a guest can have a key code issued at check in that lasts the duration of their stay and then expires.

This would equal to around $14,400 over the duration of the partnership.

IncomeCurrent savings Rent (assume higher than usual vacancy rates and lower rent than standard to be safe)Cost:Living expenses (be conservative and allocate over what you typically spend)Tuition and booksProperty (be conservative and assume higher maintenance costs than typical)Be more conservative with your assumptions than you typically are --> estimate your monthly outflow based on tuition and living expenses.With your conservative estimates, subtract cost from income over the duration of school (come up with monthly and quarterly forecasts).

VRF would likely require electrical upgrades.More details (steam or hot water boiler, mechanical space in units, etc...) would give us a better idea of how to offer guidance.My suggestion, talk to a reputable commercial mechanical contractor (or three) and have them propose to you options that list payback durations.  

It takes a certain person/group to really just want to be away from everything for a duration.

I would prefer keeping the rates I have now, and I don't plan on having them mortgaged for the duration of the note.

Just FYI to keep in mind.Lastly, don't over do it, your statements should be applicable for the size and scope of the request, very simple is fine for a small operator, complexity grows with the requested amount and duration in short term financing.As to private lenders, as individuals, some can't even read a balance sheet, they can read their investment statements.

Recognition of full pro rata value as an "aggressive valuation"Ideally the pro rata value would be cash contributed as a percentage of overall project costs, but our projects have long lead times with city delays so I have tried to recognize things based more on project duration, which seems more accurate and fairer.Any thoughts or comments?

Remember that in many places, the lease is for a certain amount of money for a specific duration and landlords ALLOW tenants to pay monthly, however there's no law that says you must do so. 99.9% of landlords are so accustomed to the monthly payment that some apparently assume the worst otherwise.

The down payment 20-25% is awesome but the duration doesnt seem too attractive.