Our next step is to find out if vacant or not (our realtor seems to think is occupied), offer a small $ incentive to said tenants to move out in a nice and tidy fashion as to avoid damage to the property (if not, start the eviction process), get utilities changed in our name, get title insurance (via taxtitleservices) /clear the title, then work on the rehab :). 

It depends on the documents & terms used in the deal.If you need a simple lease option document with a contingency clause, just message me.It will let you back out if you don't find a buyer, without paying anything out of pocket.

This industry is notoriously old-fashioned, so you'll find that things move slow in some areas.

But succeeding with student rentals depends on how many rental units are available, compared to the amount of students there are. 

@Albert Ng ...Depends on type of transaction. 

It is hit and miss depending on your goal and what you are focused on already.

Up to 80% ltv depending on the market, 30 year am, potentially an I/o component again depending on the deal.

A half acre in town should be pretty easy to sell, depending on what part of town.

Adam Scheetz I think most of these are doable depending on where you’re buying.

My initial thoughts are that you bought too high, have underestimated your renovation budget and, certainly, time line and, depending on how much you are refinancing, it's not going to give you much of a return on your money.