You will have sunk about 14k plus closing costs into the deal.In a few months the work is done and you get a PM to find you a tenant and get a lease and collect first month and security and now you can do a 75% cash out on that 215k. 

I secured my first duplex in Rochester and it is fully rented generating better than expected returns.

Being in control of the contract, understanding the market you're buying in, and securing the right  price are the foundations of a solid deal.

Background:We have secured a building on a small college campus in Cleveland that currently does not offer student housing to its students on campus.

It shall be delivered full at the end of your lease or the amount to fill will be deducted from your security deposit.Something like that.Oil is tough on tenants because it costs a lot at a time to fill.

Congrats on securing a good job!

Some lenders will only lend with that reserve funded, in addition to down payment, as the more you boost NOI, the more secure their loan becomes.

Always ask for references and examples of similar projects (pictures)The Red Flags you have to Avoid:Lowball bids (too good to be true often is).Poor communication or delays in responding.Hesitation to provide references or sign a detailed contract.Cash-only deals or pushy behavior to secure the job.

Plus I can see folks stealing those things or trying to break into them  although when they are full up with ammo they would weight a ton :)

In addition to using your own funds, have you looked into securing grants to "stack" the capital you have to still acquire properties?