Just thinking ahead another step... if a cosigner doesn't meet the standards I've set forth (lack of income, subpar credit, etc.) would it make sense to move forward with two instead of three cosigners, or should I require that the student find a different cosigner? 

I currently own a property in Commerce MI that my family live in and cant be used as an investment vehicle  =(  Momma says no..I had this shift in thinking about 3 months ago about where my life should be headed. 

i have also found some investors (not all though are willing of course) that are ahead of me in the real estate game, and have helped me. 

But as the previous comment concludes you will need to be willing to do these things if you want to have a chance of coming out ahead on this deal.

We have not made a major purchase of any kind outside of a vehicle. 

If it's electric, you need a public meter as well if the building has any common electric outlets, lights, etc.Also, you might only have 3 parking spots or less in the eyes of a zoning board -- vehicles need maneuvering room and can't be tandem.2.

I am all about making money in real estate and creative investment vehicles, but this is a good forum to state a reminder to all Sellers:  DO NOT agree to a blanket Buyer "or assigns" on the Purchase Agreement.  

I'm getting a little ahead of myself.

Cash purchase.Built 19721600+sqft 3/22 car garageLake front propertyThere is large “Florida room” with a fireplace.I will do my best to answer any questions you have and thank you ahead of time for the input.

Particular interest in inner city areas with good appreciation trajectory ahead.