Now, since the house is super near one of the biggest colleges of PR we would like it to be for students (private rooms and kitchen/living/study to be shared).  

Currently studying for my real estate license in Houston, Texas.

Been studying for over 3 years now and as I gain more and more knowledge I get an urge to be more hands on.

However, if it was rehabbed in the last 10-ish years, another rehab probably won't add a lot.The National Association of Realtors does periodic studies on upgrades. 

I understand that I will need to study whichever market I choose but my problems lie in my connections and my credit.

I personally prefer markets where the C+ asset is extremely viable, and the data you see on a lot of these economic & demographic studies is not high resolution enough to pinpoint a subsection of a market that works really well.Ex: I have a C+ area in Indiana that I love which produces 10%+ cap rates consistently at market value with extremely low turnover rates.

They did studies and found that many of these individuals could be in a less restrictive environment and at less cost.

    I have an LLC that we placed our retirement money in and also have gotten a heloc on the house we own. we built a townhouse that we are renting  out. we live in the quakertown area in PA. we have been studying for about a year now what may be our best options to go with since we are in our 60"s. 

Don't stress over the online course, you're just clicking "next next next done" as fast as you can (while diligently reading and studying every word on the screen, of course).

But being a newbie (studying for 6-9 months now) i believe in my limited expertise that you should use your own money.