They'd be happy to have what you have to offer and you'd have someone paying the mortgage while you made your next move. 

So I would start closest to infrastructure and work my way back.I would also pay attention to crime statistics and try to go for the least amount of crime relative to the area

Then you pay your deductible.

Have you gotten out of the original hard money loan or still paying the double digit interest cost?

If you are already paying high value, I'd renegotiate or walk.

And that comes down to how reliable they are at paying rent on time.

They can, BUT may pay dearly for it over the life of the loan1.

We are interested in acquiring a property that she can live in starting her sophomore year and hopefully have roommates pay for the mortgage.Any tips on the best way to finance this?

No offense, but I hate the idea.You can send someone a bill all you want, but they aren't going to pay it, which means that all you are going to end up doing is turning off their account. 

They are month-to-month and pay below market rate.I would prefer to sell it in its current condition and estimate that a diy remodel would top out at $15k.