The setup is a 2 year lease allowing the option to be exercised within 90 days of the lease end date.

Or ANOTHER OPTION would be for me to negotiate just a reletting fee ($1,245) with the understanding that she is responsible to continue to pay all rent and utilities until I get a new tenant in place.I know this may seem harsh, but If I were to ask her to leave early and the roles were reversed, she would raise holy hell on me.  

Actually by the time you get done with that exercise your accountant will be free - fried but free :) to give you a good specific answer.

Investor must have active role and cannot be passive3.

If it doesn't already have 125+ units, you may want to find something with room to expand.In my experience income levels don't play a huge role, as I have tenants of all income levels. 

More like the mgmt role than the on-the-line worker if that makes sense. 

We had an attorney draw up a partnership agreement, but we didn't lay out roles and responsibilities for each of us (so far it hasn't been an issue but its something we're working on). 

Ok so I will go into personal specifics but the general question is how much of a role should money play when looking at college.

The size of the job plays a big role here..

I want to teach you something and I'm sure once you will exercise it you will be thankful for this piece of advice, no matter how experienced you are, you should always ask other people for ideas, experienced as well as young energetic young inexperienced peopLe trying to push their way through the industry.