My thought was to purchase this property at auction for potentially 15% of the market comps, rehab, and lease it to an industrious entrepreneur who could then market it to students ow whomever room by room possibly via AirBnB.This neighborhood’s saving grace is the proximity to the university.

The insured for the property and liability is the owner of the physical property.

She said that he has not been physical so far but she is worried enough that she is staying at her friends house for the next couple of weeks.

I could go into an entire explanation of the physics involved, but bottom line is that you are getting more electromagnetic radiation from your phone, than you actually are from the tower servicing it. 

Is it possible to assign a Letter of Intent or does the property physically need to be under contract in order to assign it?

I physically looked and found $35k in fixup (very conservative number). 

If rent is not paid physically at a branch (i.e. it is paid online or via bank transfer), the date of payment will be considered the date when funds reach our account. 

I don't feel that proximity and cost should be your only metrics. 

The construction docs, including City ROW review fees and physical construction cost for public improvements has varied greatly depending on - as @Matt Divencenzo (sorry, sp?)

This includes rent growth, occupancy, other economic vacancy factors especially concessions and bad debt, exit cap rate and interest rates.Assuming that is the starting point, we then create sensitivity tables that forecast IRR at various combinations of EGI vs. exit cap rates, and various physical vacancy versus exit cap rates.