The programs offered are 5/1, 7/1, 10/1 ARMs and 15 & 30 year fixed rates at about .5% higher than the ARM rates. 

Things are very competitive right now as we have entered what appears to be a very aggressive retail sales season.

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Unfortunately, he and his wife don’t appear to be on good terms and they are currently living in different states.

I think I'll first try to market it as a 'luxury' student housing unit and will check with the school and their housing program.

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I have a spreadsheet calculator I programmed myself on the 70% rule, detailed to my area on rehab costs etc. 

Does anyone know of a good software program to track my expenses?

Make sure the taxes are not based on some program. 

Impossible to say without knowing the loan program, and lenders have overlays, but 6 months of payments (PITI) is a good ballpark rule of thumb.