But as the saying goes, "hope for the best, prepare for the worst."

Then when you refi, if the property has appreciated you might even have some equity that you can pull for the next investment (depends on market conditions and how long you've been there, of course).Even worst case scenario, a good multifamily will reduce your housing costs!

It is very late in the year to be renting to students, on top of that, this is one of the worst student rental markets I have seen and one of the softest that has been around in 10+ years.

At worst there is a black swan event due to the hyper-connectivity and systemic risk that is present in our financial industry due to the consolidation of the too big to fail banks which could lead to a Cypress-Greece style credit freeze and liquidity crisis.I hope I am wrong but I am hedging my portfolio in the chance I am right.

What was your worst note deal if you don't mind and what did you learn from it?  

Been doing this for 5 years...worst thing that happened is someone used the toilet in a place where the water was turned off. 

I recommend setting rent at a level that will have a signed lease prior to 9/30; otherwise, you will be getting into the worst lease signing period of the year soon. 

One of the worst guest experiences I have every had and VRBO no less which is very rare.

If worst case happens, it seems like you would be able to recover and start again. 

Worst case you have to re pipe the joint.