This happened in the mid-1970s when the amount of return would be equivalent today to somewhere around $2 million.

I like the idea in principal that each tenant pays their own, but if I have to lower the rent an equivalent amount I might not gain much.What do you think?

This is fact and changes the equation regarding your defense, from their notarized signature (NCGS 10B-40(a2)(2)) to the possible plaintiff claim of a fraudulent transfer (NCGS 39-23.4) and what "reasonably equivalent value" and "value of the asset at the time of the transfer" mean.

If it is still something you do not want, ask them to rent a mailbox at the local UPS Store (or equivalent) and change their corporate registration to that address.

Or just pay it off during the down months since the cost is equivalent to a car lease for us (we don't lease a car but the monthly mortgage payments are about the same if we did lease a car). 

That is the equivalent of your tenants staying an average of 33 1/3 months before turnover.

(The more land there is to build equivalent housing, the lower house prices will stay.)

there's great money in student housing, but it's more work and more costly than the equivalent standard housing. 

I see your math is off as at 5.5% loan for $1,368 is equivalent to $245,000. 

Every dollar of capital gets a return equivalent to 10% annual.2.