are they dealing w these problems more effectively?

We have considered creating and signing a contract that states the expectations of both parties, but are not sure how real estate law effects our situation.

Effectively, you gain $70K in net worth.

However it is disclosed as non effecting number to the borrower.

Look up "adverse possession" and "abandonment of real property" issues in your state.However, I'd say it will effect marketability, I probably wouldn't buy it if I couldn't maintain the side of my house.

It is a challenge to make it cost effective.

That doesn't factor in appreciation or the tax shield effect either, so with that in conjuction with my four figure per day (possibly for a limited time?)

All of that information could have an effect on how much you are willing to pay for either scenario.

If they are you need to consider the market in the future.Another option could be a master lease, not impossible, but I'd say unlikely, colleges aren't in the RE business, they will want to be able to go in with maintenance crews and cure problems on the spot, not that it couldn't be arranged under a commercial lease, but for a small complex it may not be cost effective for them to manage it.

Adding additional pressure on owner occupant buyers are the new limits FHA put into effect lowering the maximum loan amount in Las Vegas by 31%.