The university encourages their juniors and seniors to get off-campus housing so that the freshmen and sophomores can utilize the dorms.

Regardless, yes, if you can get such a lien it could be a cheap way to get to a property, I'm still not sold on the leasing arrangements.Having priority means you get first shot at the dollars from any sale, you would still be placing the junior lien holders at a disadvantage if they had to honor an existing lease agreement.And you know that in any foreclosure notice is given to all other creditors, so usually a subordinate (junior) lien steps up and pays off such small liens to protect its collateral security.I'm not familiar with the NV Bill, but are you saying it blocks (or stalls) foreclosures (probably making the process a judicial foreclosure) and it would only apply to mortgage loans and not all foreclosures?

I am considering selling my property to the current renter for a discounted price and carrying a junior mortgage for them.

I do California junior lien position business purpose loans secured by CA single homes .I am looking for an  an Inter creditor agreement between the the 1st Lien  lender and junior lender ,  whereby 1st Lien lender allows Junior Lender  to foreclose and not foreclose Junior Lender  out while Junior Lender is foreclosing.Where can i get a simple agreement stating these terms and other related terms for a new purchase money loan or where i go as a junior lender where there is an existing loan in place.

With the help of a entrepreneurial father I took a year off between my sophomore and junior years to 'start a business' locally.

You are correct in your assumptions, but in this case I would proceed with caution by approaching the trustee since, as you stated, you would be responsible for the junior liens and judgment liens on the property.

In any event I confirmed with my attorney that yes older liens can be wiped out in foreclosure and therefore negotiated like any other junior lien holder.

"starting off only buy foreclosures at auctions when they have only a first mortgage on them. once you get more experienced you can get into junior liens and construction mortgages".

Its not uncommon for second lienholders (or HOAs) to foreclose hopping someone will pay them off not realizing they're buying a junior lien. 

I was taking 18 credits with a 30 hr/week job while house hacking (renovating my duplex) that i bought my junior year. i was also already engaged. there was a big separation and i missed countless parties and gatherings so that i could either work or renovate. you end up finding friends who have similar goals as you and today, they are still the best friends ever. we congratulate each other, push each other, and win together. meanwhile, others take longer to get there and thats ok too but its just not me and doesnt sound to be you either.