He is around 80 years old, in great health.What would be a creative way to buy this with seller financing where most of the value would eventually go to the university as 'step up basis' if set up right in his will/trust?

University Heights is nice, but be careful.

I have been a financial coach and taught his Financial Peace University class several times, and the BIGGEST factor impacting success or failure for participants is getting on the same plan with his/her spouse combined with absolute transparency, participation, and integrity shared among all parties.Best wishes!

My last employer was UMUC (University of Maryland University College) for 10 years (2008 - 2018).In October 2018, I was reintroduced to the real estate investing business through an ad on Facebook.

I'm looking to house hack a SFH or MFH depending on the type of deal preferable close to a university.

YouTube University wins again! 

We have a university as well as a technical college in Winona, so many of the rental properties fill up quickly with students.

To look at the real estate market as a whole would still be just a minor fraction of the global economic picture. 

Like attending a great university to study what you love.

I am not in NJ but I think anywhere this is a universal truth in courts.