What I see a lot in your situation is cosigners for each student and one student pays rent with auto pay .

It's your ability to do the following.Market to & or track down & find sellers who are in distressed situations. 

So I have never been in that situation however I would say no.

I would suggest consulting with an attorney to help you through this process. this situation sounds very sticky and you will need someone to help you navigate the process.

I'm sure there is more than one way to do this, just looking for my best option in my current situation.

Just add a little on top of that rental rate :-)   Sounds like a great house hack situation if you purchased at the right price. 

There’s not a clear answer but more of an it depends situation.

@Roy Gottesdiener i think you should seek a legal and financial advice to ask a about your situation and start from there.

Now if the property value went down or stayed the same...that could be a really crappy situation.

However, Google seems to suggest that the interest rate could be quite high and lenders won't lend as much since the land is vacant.To put my situation in context, I am currently working a W-2 job and my family and I are renting, so I am hoping to find a suitable multi-family property such as a duplex to move into for a house hack.