If it doesn't work out, I may try to either do (1) Airbnb full time in 3 units (we're occupying one unit) or rent it out to non-students as a regular housing rental.

We have torn down the previous drywall so that we have a clean slate.

When a tax exempt entity such as a retirement plan engages in a trade or business on a regular or repeated basis, then Unrelated Business Taxable Income is generated (UBTI).   

Without 1031 you will pay taxes on the gain minuses expenses as regular income for this property. 

They can't network in person on a regular basis.

Not clean, but possible.Ceiling height is 7ft.

Depositing the rent every month isn't a big deal, but cleaning the unit when you have a turnover can take a bit of time.

My fiance's parents live in Scottsdale, AZ and we travel out there regularly so the market makes sense for us.

Regular inspections. 

We have a good cleaning team and handyman if needed.It isn't that hard really, but remember, your usage must be 14 days per year or less if you want to take advantage of all the deduction of expenses for running a vacation rental home.As far as loans go, we just applied for a 2nd home loan and that was that.