What is your management structure? 

Ultimately I would be taking a bigger risk by structuring it this way. 

It has new windows, but otherwise from the outside, needs a new roof, new stucko, paint, pointing, and other obvious structural work that an old building would need.

That depends... and I think much of their structure is constantly evolving as securities regulation loosens.

How should the master lease be structured?

Joe - how do you structure your partnership deals with credit, capital, and management?

How would you structure this agreement?

There's no structure focused on the student's success.The fault doesn't lie solely on the mentor's side, of course.

That said, as in a due on sale clause, you may not be able to seller finance to a subsequent buyer depending on how you structured your original purchase contract, but otherwise it should be fine I think.

reason being if your taking it back your only going to sell it to a wholesale buyer the reason for the default is the landlords failure to keep it rented you will end up with a shell in many instances by the time you get the asset