My initial gut says 1% cap adjustment in favor of the buyer to purchase post-construction at 0% vacancy.

I learned you can't keep score on favors.

If you get the local plumber to fix everything a handyman can the budget on that is not in favor of the owner.

As Jeffrey mentioned, terms will be less favorable starting out (65% ltv for the first one we did,) but with experience comes more rope. 

So the difference in equity building for that first month is $1,005.31 - $378.52 or $629.79 in favor of the shorter 15 year financing period.

Do me a favor. 

As the Romans used to say, "the future favors the bold"

Installing a gas fired combi-boiler/hot water heater on each floor with baseboard heatingAdvantage: Relatively low cost of installation , no concerns regarding winter heating, splits the units heating hot water costs, would allow for conversion of 2nd floor bedroomDisadvantage: No AC, will require a large amount of storage, and would require to take up a bedroom closet to do so in each unitCurrently we are favoring option 2, but any suggestions from any contractors who have performed similar work?  

This is just a general comment, but from what I learned so far, you create an LLC in each state you have a rental, and if you want to add another layer, then create a holding company in a state where the law favors you. 

If the fees are too high or it's otherwise not advantageous to do a typical student loan refi, perhaps you are fortunate enough to have friends or relatives who want a higher return for their money (than money market funds are paying these days - basically nothing) that would be willing to lend you the student loan balance at a more favorable rate.