I am concerned about differing credit scores and incomes. 

Hard Money rates are too outrageous, some conventional lenders will lend for the purchase price but not the rehab, and lines of credit are an option but it's hard to get a business loan large enough to cover 100% of the purchase plus rehab if any.So, here's where I stand.

Just thinking ahead another step... if a cosigner doesn't meet the standards I've set forth (lack of income, subpar credit, etc.) would it make sense to move forward with two instead of three cosigners, or should I require that the student find a different cosigner? 

Where has he lived in  his recent history?  

The best option is to refinance in the name of the LLC, but to do that your LLC needs a credit rating (impossible without a DUNS), and appropriate closing costs and reserves.You can't just transfer mortgaged property into an LLC because it then let's the individual off the hook in the event the property needs to be foreclosed.

We would like to start investing soon but we are working on building our credit and paying down debt first.

7.If you like the property, are you willing to fill out an application for a credit, criminal, and eviction history report?

We have been using TransUnion SmartMove, but we would like to see an actual credit score, length of employment, etc. 

Can I ask the bank for the extra 40k to do whatever repairs necessary to my liking, such as on a line of credit.

You can tell who is going to be a handful and who will be easy to work with based on how they communicate during the initial screening & showing.Every Class A tenant we’ve had initial doubts about for personality/credit related issues, inevitably made for a tougher year - even if they always paid (which is still the end goal).