This was a question I asked when I my interest was peaked year ago.A great book I would reccomend, available on audible you can listen to...The Book on Investing in Real Estate with No (and low) Money Down.It will lay out many of the strategies that beginners and even successful investors utilize to invest in real estate.A popular strategy of many of investors involves investing with OPM (Other Peoples Money), myself included.

Based on an abbreviated cost/benefit analysis, I am leaning toward keeping the layouts as-is and avoiding relocating structural/load bearing walls but I would be willing to engage an architect/engineer and invest a little money into better understanding what would be required if I were to make more significant changes to the current layout.Thanks so much!

Original appliances layout ect.  

I'm wondering how much is it going to cost to separate the HVAC and electricity panel and reconfiguring the lay out and add a kitchen again. 

you'll learn a ton about student housing, get your start on "mailbox money" and know how to look for square footage and layout that's going to get you that extra bed.phil

I even have a video tour so that the potential tenants should have a good idea of the layout of the house.

Demo is done, windows and a door are in, reconfigured bath rooms for a better lay out, plumbing done, got the power turned on. 

Owners are free to do whatever they want with the interior layout.  

You 100% need to lay out all of the details in writing but the "refrigerator policy" isn't going to make-or-break you.  

Assuming they were all built at the same time, same layouts, upgrades and capex will probably be cheaper.