Property values are usually flat for this reason, compared to better locations where more people actually choose to live.

@Sunny Karen- thanks ...nice sounding plan ....if you havent already done so - make sure to get yourselves  formally pre approved  with a lender  using a hypothetical  scenario ... depending on the loan amt needed ( if any) - make sure the lender you talk to can handle the amount . 

Assuming a required rate of return of 5% (comparable to high-yield savings or a CD), the deal would need to yield a total CoC return of 10% (since everything is split 50/50).I'm stuck because while playing around with numbers, achieving this return seems improbable if not unrealistic.

If I let the first lender start the title search am I bound to go through with the mortgage with this lender? 

Students need housing year-round, and new students arrive each academic year.Higher Rents: Student rentals can often command higher rents per bedroom compared to traditional rentals.

However, this can be contrasted to a considerably lower rate in those segments with college degrees and further educational attainment, which is supported by lower median income of $34,748 in 28301 and $54,444 in 28304 compared to $66,778 in 28305 and $61,053 in 28306.

Prop tax's some of the lowest the country very low insurance stucco houses tile roofs and desert landscaping all lead to ease of maintenance over time compared to FLA which of course has all sorts of weather related issues that is detrimental to houses .. high prop tax and sky high insurance ( certain areas) But its also growing.. so there is that.

I am looking at a property such as this, but I can't seem to find a lender that will take this one. 

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Canadian investors have several financing options, such as mortgages, private lenders, cross-border financing, and partnerships.