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The key difference, though, was he spent months carefully getting to know the local architecs, reputable builders, and even a couple of niche design firms that specialize in modern builds for mid- to high-end buyers.

I wanted to get in on the ground level with the hopes of growing with their brand new education company but quickly saw how they operate and realized that’s not what I wanted.

Since I'm taking such a cash hit, I asked the sellers agent if they would be able to designate some portion of the sale price ($200k?)

You nailed it—it really is a solid business model, all designed to maximize profit (which, to be fair, I respect from a business standpoint).

It's designed to protect assets in the event of lawsuits, negligence, etc. and it only applies when there is underlying insurance coverage. 

If you want to change the design, then do upon closing.

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.

Do they value nicer finishes and design or is that additional cost lost on the typical tenant in that pocket?

After 2 years you can apply for a “Rent consideration” (I think that’s what they called it) as long as you still live there and that may allow you to increase rents by more than the annual allowance (probably designed for unit that are very low rents).