I would maybe do side hustles to increase your income. 

Just a teaser, we have some excellent new builds in FL & NC currently that offer very attractive returns.  

BP just hits a small segment of the potential students that would be attracted to your program..

@Aaron Bard the syndication route would likely be the best route to go for you.You will likely structure in either a 506(b) or 506(c) syndication, each having different pros/cons.To raise capital from those outside of friends in family, you will need systems and process to be able to target/attract investor that want to partner with you on your projects. 

And we known there are many more Govt costs such as environmental studies and the like that increase both the cost and the timeline (Which in turn increases the cost even more...)City Heights is Gentrifying, has been for a while, I made good money there in the Mid 2000's, and it's no longer affordable for most lower income folks, period.

It has been booming for the past couple of years with strong job growth and population increase.

You acquire more capital in your position by (1) decreasing expenses, (if possible) and/or (2) increasing income.  

This may take months at best to get them out.3) In the long run, economist has done studies that shows rent controlled markets show massive increase in rents. 

Increasing value of the property, Enhancing rental income, Giving it a competitive edge Over Other Properties in the neighborhood as well as Adding long term worth among other things are some of the advantages that these projects bring.

There's a couple of things that make this more attractive than the other option sugggested of forming a new LLC to own the property.First is the expense and reporting involved in another LLC entity.Second though and more important in my book is that by having your LLC own a TIC interest and having your partners LLC own a TIC interest you keep the utmost flexibility available to you as you move forward with that property to eventual sale and possible 1031 exchange.