Is this how I get a seat at the table, Wall-Street style?

Ohana (mother-in-law style) studio units are extremely common and it is common practice to live in the main house and rent the ohana (short or long term).  

In Washington state N of Seattle the install is very typically $2/sq ft. the price of the product is what you decide for quality and style. 

I don’t want to step on the property manager’s toes, but there are some methods I’ve picked up along the way that I think work better than your average renting style and I would like to keep using them when finding tenants and maximizing rental income.

Be sure to note that just because a neighborhood checks those demo boxes doesn't mean it’s a good place to invest (this is also highly dependent on your investment style) So, understand the demos then take a more quantitative approach.

I’m guessing that they are notifying you that the style of fund you were in is now being replaced with those 2 options.

I would not bank on a Great Recession style collapse and I doubt very, very, very highly that Ken is.

If student housing is your goal, simply know you'll have more leverage for negotiations on price in August/September, though the trade off is significantly less renter pool.I believe it is a newer complex with pretty standard hotel style white interior.

Some like clothing definitely belong to someone else. 

Find something you like and simulate the same style with your selections as close as you can.