If you have the right language in your contract, you don't have to give any explanation to the seller about why you are canceling or getting written approval from them.

Naturally, there's no universal solution, but I'm more than willing to share with you.

I liked the area geographically and for other reasons but once I had confirmation he was renting to nurses, meds and eds, grad students, university and hospital employees with good rent numbers, I was all in.

Is there specific language I could look for in the lease agreement that would let me know if that is the case?

It’s part of the agent's duties to make this clear in the purchase agreement or the buyer's brokerage agreement.Clarification: The broker you met with was likely emphasizing that, according to the letter of the law or the standard contract language, the buyer is technically responsible for their agent's commission.

Also most universities have some kind of housing office that can point students to common rentals as well as on campus recomendations.

Mary's Strip, and several universities (SACC, Trinity, UIW, etc.). 

You can incorporate language into the sales agreement that allows you to form an LLC and take title in that LLC as a closing condition.

They should also be able to speak the language or at least have a worksheet to figure out your numbers for you.

One can't just do a conversion like that at will, commercial is not a singular universal designation.