They would also provide the funding and renovation funds at 7%.  

I would suggest doing some digging into BRRRR strategy, and see if you'd be open to buying something that needs renovating.

You need to do renovations, improve the property, and drive up rents.

In view of the fact that I'm a newbie, complete home renovations seem out of my league (for now).

My biggest tip is to save way more that you make and then buy a 2-4 unit building and use a 203k or homestyle renovation loan to do some rehab and add some instant equity.Also, Network as much as possible and get comfortable approach any one and asking lots of questions. 

If you plan on renovating the other 13 units, how will you pay for that?  

Can the fixer use the deductions from renovations?

The current in-place average rent for renovated units is $2,550, and the unrenovated is $2,150.

For partnerships, make sure to have clear roles and a written agreement to avoid issues.With student housing, focus on durable renovations and solid lease agreements to handle turnover.

The current in-place average rent for renovated units is $2,550, and the unrenovated is $2,150.