Are there any terms we should add to the transaction language to protect ourselves from the seller backing out of the contract?

I would do more research on YouTube university to analyze the property and then get familiar with your local area so you can be more confident with your numbers. 

Eric,Pueblo has a lot to offer - Arkansas River Walk, Pueblo Reservoir, Arts Center, Family owned restaurants, Arkansas River activities, close to mountains, Colorado State University -Pueblo Campus, Pueblo Community College, home grown produce - known for peppers, and pumpkins, less traffic, driving distance to Colorado Springs and Denver.  

Can you refer me to any resources, or any search terms for me to chase on youtube university, so I can learn more about vetting operators in these spaces? 

However, be mindful of HOA rules regarding rentals.Proximity to Campus: Properties closer to the university typically attract more interest from students and can command higher rents.

@James McGovern, while I don't necessarily agree with your language, I certainly understand where you are coming from.If you truly want to exploit them, then continually report code violations: long grass, broken windows, broken down cars parked on property, anything that will keep racking up the nuisance issues of the property that the landlord not only has to handle with effort but also with money...But, assuming you don't want to go to that level, find the owner and reach out.  

Hello everyone, My name is Dylan Jeluso, I'm a 20-year-old student at the University of Florida.

Thankfully I'm in Ohio which has actually added a chapter and language to the revised code in an attempt to prevent cities from implementing policies that institute rent control or rent stabilization in any form.

And the experience was universal. 

My Nephew is a student at University of Utah and a competitive climber, and he has a lot of climbing friends that would live with him.- Buy a house / 4 plex, take one of the rooms / units, and rent out the rest- Family can just come and stay with the Nephew when needed. - Build out the equity on the house while living at reduced price (hopefully) due to charged rent.