I have been trying to "harden" the property using many suggestions I have learned here.Also, as I will be starting law school in the fall and I don't want to burden my husband with managing the property, I will likely be looking into hiring a PM company.  

This technique seems to help avoid due-on-sale transfer issues and creates more opaqueness and anonymity around your real estate holdings, which helps ward off plaintiff's attorneys (makes you a more "hardened" target).

This gives me a lower yield but makes them extremely hardened against a recession and ever losing them (versus many people who went bust in the last recession in this asset class due to debt payments they couldn't make).

@John D.Your soft spot in your heart will harden because of the stress when you keep hearing their excuses as to why they......and their co-signer can't pay the rent. 

No need for a redundant threadhttp://www.biggerpockets.com/forums/52/topics/68041-how-do-you-harden-your-rentals

If some of those are close to the end of life expectancy, it makes more sense to roll replacement costs into the acquisition cost. 7% for repair at a student rental would mean the property is in a good shape and has been "hardened" already for student life.

Also, there is a great thread here on BP on how to harden your rentals (in other words, make them more durable, less prone to needing fixing/maintenance, etc), read the threads about property management, and buy those properties right.I think you'll do well.

Harden thanks so much!

So for example I'm very conservative and don't want any debt on them because I feel this hardens them in case of a severe recession.

None of the lenders I have spoken to will do cash-out refinances before the 6-month hardening period.