Any risks?  

Qualifying for REPS does not automatically mean you can offset income, you need to have material participation, at least a 5% ownership stake and an amount at risk. 

This way you have a free or mostly free refinance from a cost perspective. 

Since your property has high resale potential, some lenders may be willing to work with you.Cash-Out Refinance – If you’re open to refinancing, you could take out a new mortgage for a portion of the home’s value (say, 60-70% of the $500K), and use the cash difference for renovations.Personal Loan – If you have good credit, you might qualify for a personal loan for part of the rehab costs, though interest rates are typically higher than secured loans.Partner with an Investor – Given the potential profit, you may be able to find a real estate investor or contractor willing to finance the rehab in exchange for a share of the profits upon sale.Your best option depends on your financial standing, timeline, and risk tolerance.

In addition to what was said above, for the software that has a free trial option, sign up for it and use the software for a day (or at least a few hours) as if you are using it for real, then call their customer support too and get a feel for that. 

Quote from @Paul Lucenti: Creative methods tend to increase risk.

@Martti Eckert I live in Los Angeles and have done a handful of BRRRRs in Missouri so feel free to reach out with any lending related questions to pulling off BRRRRs in Ohio. 

He has already mentioned that he is willing to act as the bank, interest-free, which is a great opportunity.

Feel free to reach out to chat all things student housing! 

Feel free to shoot me a PM to discuss, I am happy to share knowledge and answer any questions you might have