Mathematically, it makes sense (I think) to maximize our loan, both in terms of duration and amount, on the personal property and use that money for investing.

duration of ownership; v.

@Nicholas DelgadoI’d recommend turning this into a Gantt chart which will better show the prerequisites and estimated duration of each task.

If adjusting rents up to market, I highly suggest just writing a normalized new term lease, no reason not to, even if the term is 90 days it's important to have clearly defined expectations in both performance AND duration.

The better condition the property is in will accelerate the duration. 

@John Warren The vacancy duration is 6 months (per the appraiser).

The standard lease states that they have to ask the permission in writing if the person is going to stay for long duration.

Hi,I am new to the bigger pockets community and have found someone that is willing to loan us money based on these terms:Loan Amount: $1,000,000.00Loan Duration: 20 years. 

I explain they are free to live in the apartment or live elsewhere for the duration of the lease, but it is their responsibility to pay the rent and maintain heat in the apartment as per the terms of the lease.I also explain that circumstances change and I am human.

Assuming that you're going to a 4 year college, you could buy a primary residence for 5% down and rent out bedrooms to roommates and live rent free while paying down your loan over that duration.