I'm looking for advice on how to approach a tenant on a non-renewal of the lease.

If you don't want to quit your day job, that is the best way to go.Then when you want to get dirty, you can buy low dollar non performers, though you will need a good real estate attorney if they won't pay.

Your bank does not have a problem lending on non-owner occupied?  

As a newbie, I'd be very interested in paying a nominal fee to watch an experienced investor in action on a non-interference basis.

If they want no personal guarantee or limited then waiting 7 years for a rental increase is a non-starter.

If the original ground rent lease is silent as to the redemption price then the following applies:July 2, 1982 – Present – 12%April 6, 1888 – July 1, 1982 – 6%April 8, 1884 – April 5, 1988 – 4%Prior to April 9, 1884 – Negotiable and possibly non-redeemable.To compute the redemption price, take the annual ground rent and divide by the capitalization rate.

From there I would diversify into multifamily or just other non turnkey properties.

Non of the move-in ready ones are going to be killer deals, but you can cover your mortgage with rents, put some away for expenses, and build equity while you live free, but I wouldn't go in expecting too much cash flow. 

As far as students vs. non-students, the student body at Texas Tech is growing quickly, in addition to the large quantity of businesses and families moving into town.

Because of a surprise horror I encountered medically I became crippled about 7 year ago and i do not work or walk that occured when I was 54 and I've been bedridden ever since but I have been learning much on the Internet, 7 days a week, and read a book about every two weeks.