I am considering student loans because it allows me to just do it and not have to go through all the process of getting me preapproved and allow me to close faster with cash. it also allows me to save up all the rent for the time I am in school and invest it at higher rates of return then the loans and defer the loan payments. it also allows me to live in a better area. which I am not moving to until I can almost pay cash 40k would not be much compared to my overall savings and amount I would be paying. so I feel it would not be to risky specially seen the duplex would not be tied up as collateral for the student loans, I may not be able to bankrupt them but they can also not take away my property.

As mentioned, the homes aren't worth much and certainly not as collateral at a bank.

The main sections that SHOULD be in the waiver; description of the collateral (should be specific), notice of removal (require written notice of removal and a period/timeframe for removal of collateral), monthly rent or use and occupancy (tenant doesn't pay, then lender pays until they repossess the collateral), indemnification, insurance, no auctions at the leased premises (so your property does not turn into an auction house) and usually there are some other rules.Make sure to have your attorney review all leases and waivers prior to purchasing the property. 

We have tried in the past few months but our primary isn't worth enough to allow to use it as collateral.

@Anthony Rosa I thought the property was the collateral for a hard money loan?

I have an investment strategy and multiple exit strategies along with a lot of equity in my primary that I'm willing to use as collateral.

While we are a little lower leverage than Eastside or Veristone but we can also cross collateralize with your existing real estate to help you with less money out of pocket.

You cannot live in or use the real estate property financed by your IRA, nor can you use it as collateral for a personal loan.

I spent 20 years of my career overseeing credit/collateral operations for "a major wholesale bank" and have been involved in the closing and aftermath (collateral liquidation) of over 500 savings and loans and banks in the southeast and liquidation of billions in mortgage collateral.  

That type of collateral is niche to begin with.