Lease up and sell phase 1 cash flow or convert that phase 1 debt to a long term loan and retire the previous debt. 5.

As long as you're not dealing in debt that's not a difficult scenario to set up.

Would this raise our Debt to income ratio and limit us to only commercial property?

Would you say pay off the student debt first or pay it down more?

Are you using non-recourse debt to finance your investment properties. 

We have no debt (been able to pay for school using grants/working). 

(to name a few):- RealBlocks (https://www.realblocks.com/), only for accredited investors, allows for secondary liquidity from P2P token exchanges for fractions of individual CRE properties- BuildingBits (https://buildingbits.com/), for both non-accredited and accredited investors, $100 minimum investing in individual CRE properties- Jointer (https://www.jointer.io/), for both accredited and non-accredited investors, allows you to tokenize your property by creating a land-trust and allowing Jointer to purchase equity in your property in exchange for cash (financed by token holders/investors who are debt financing at an interest rate equal to a CRE index), while you continue to manage your property and split cash-flow and appreciation profits with Jointer.

The primary reason we are not yet is due to a decently large amount of student debt we acquired in undergraduate (30K remaining).

Our income is sub $60k/year (with the GI Bill income, etc) and we're about a year and a half from being debt free on the cars/cards/etc.   

But you want the tax basis to raise and you also do not want to saddle a new company with too much debt so you cannot get a line of credit right out of the gate.