What is the process for the estoppel agreement, switching the leases into our name, not the previous owner, changing the rent payments to go to our account and not the previous owner?

So yes, its very possible to use a conventional loan to buy an investment property...but you aren't going to get owner occupant rates/terms.

Hi Alon, while I do not own campus rentals at this time I have worked with and for many different owners of these types of investment properties. 

And then convincing the owner to let you rent it and the wear and tear it will take on the property.

Did you know that the tax code offers many incentives for real estate property owners that have a cost segregation study performed, thus allocating costs to 1245 property?

I think they recently lowered the down payment requirements for owner-occupied multi fams.  

Check with your broker.As a real estate licensee, you’ll be subject to potential complaints by property owners when they believe you did not operate in their best interest by trying to purchase their home at a “low” price and then flip the contract at a higher price.  

Also, there are common domestic hot water tanks (gas paid by the owner), and a single gas meter so all tenants' cooking gas is paid by the owner as well.

I think a more ambitious strategy would be to "flood the zone with value" - specifically, pick a few listings in the geography you are interested in that are being mismanaged and propose your plan to that owner just as an ice breaker.

In order to qualify for the principal residency exclusion, an owner must pass both ownership and usage tests.