If it sounds too good to be true, it usually is!

Look at ways to reduce your living expenses... doesn't sound cool as investing but you're investing in yourself with college.

The timeframe wasn't mentioned but assuming it was after that initial 7-10 days option  the rest sounds just like what I'm used to in the selling process.

@Greg Fox,Sounds like you have a lovely case of adverse possession!       

The security deposit can be used for the last months rent or be applied to the rent if you are willing to do that but it sounds like you are going to have all kinds of trouble on the back end with these people.

Need to engage a PM company for underwriting assistance.  

While undergoing the compliance training I came across one of the prohibited outside activities for bank employees- "acting as a real estate sales person, broker, agent or engaged in buying and selling real estae except for primary and secondary residence".

Assuming he actually is open to selling, your offer should show him that you're providing value to him by freeing up his time (which sounds like he doesn't have enough of).

It sounds like you are a one man show right now.

They will be able to answer your questions and help you get a clearer picture of what a successful deal looks like.Assuming you need financing and you need a developer/operator in order to bring your deal together (which it sounds like), the people who occupy those key roles will make or break your deal and bringing a deal to the table that satisfies their requirements and that they view as a viable deal will greatly advance your learning as to what the critical factors are.Every market will have different dynamics which will affect your build to cap and it will depend on your expectations as well as the expectations of your investors and lender given the market you're operating in.As for stabilization, I typically see 18-24 months budgeted but a good operator can get it done in 12 with proper pre-marketing and solid market dynamics.Get a feasibility study done before you close escrow if you've already targeted a specific parcel.