I don't see any reason to believe that it will be any different around Arlington.

@Stephen Sparks as long as your debt-to-income ratio is reasonable and you aren't delinquent in any of the outstanding loans, you should be good.

Closing is set for early December, but lender sees no reason we can’t close before Thanksgiving since we were all set with paperwork and every request for further documentation we jumped on within 24 hours.

You might try looking at smaller schools or in the mid-west where prices tend to be more reasonable. 

I have come to believe that in order for each party to meet their respective objectives both sides must meet in the "reasonable" middle.

That interest rate is killing you before you refinance, and is almost single-handedly the reason you are negative cash flowing.

@Gustavo Gonzalez1 major reason (among others this isn't an all conclusive reason) everyone is talking about apartment investing via syndication as the best way to enter the multifamily  space, in addition to taking advantage of economies of scale is...., It's a team sport AND if you're just getting started (you stated "enter") you want a team that consist of good operators that have experience.    

Ultimately doing a timely and reasonable job of protecting tenants by clearing snow and salting the surface area is what matters most. 

You also may have difficult getting a zoning change if the property is not zoned for multifamily, because unless you are bringing business to the area most municipalities see no reason to upset the neighbors of an SFR neighborhood by allowing a variance.

I've been speaking with my CPA (who obviously isn't a lawyer) & my compliance coach from the business who set up my first LLC.