@Andrew WaskoI agree with @Wayne Brooks, make sure you have all the safeguards in place that insurance requires, and maybe even go overboard.

Specifically, I'm demanding a rate sensitivity analysis on those exit cap rates, AND, I want to see a good track record of returning capital back on refi's and loans, etc. to minimize my risk.

Note that Cap Rate in this case is held constant at 5% so no correlation to CoC is observed.The sensitivity tables below were run in Excel using actual property data.- Effect of leverage on CoC.

Students are generally harsher on the property but they are less price sensitive.

On top of that, you need to decide whether you want value conscious tenants or price-sensitive tenants.

I'm just trying to figure out how to safeguard ourselves to the extent we can.

I'm much more sensitive to work being done without proper permits.  

Again, refresh your list every 6 months.Some specialty lists like probate I hit every other month and stop after 6 to 9 months.There are other time-sensitive lists such as expired listings or FSBOs which you may want to hit hard ASAP, like every other week for 6 to 8 weeks  because you know others are hitting those same prospects at that same time...A lot depends on the level of competition and the average value of a deal in your market - might do more or less often depending upon such factors....

We set up milestones, inspections, and other safeguards for both seller and buyer.

I try to stick to non-time-sensitive refinance only in the non-qm space.