I own a few properties in the area just because I bought at a deep discount and they produce strong cashflows.

You may be in a strong position to borrow private money.

I still play there my self and see a strong demand for the turnkey product (just not worth it for me).

I would strongly recommend changing the place to a 4bd 2 ba if you can swing it.

Building a strong foundation of knowledge from books, blogs, forums, and podcasts will help you decide and create a solid plan.

I asked my CPA last week about it and he STRONGLY discouraged it.

I'd say the student housing market is strong here, although a couple local developers have really taken on that market.  

I've been strongly considering wholesaling it since I've negotiated a purchase price of nearly 40% of the ARV.  

As far as trying to charge the bank for storage fees in an attempt to strong arm them into giving you the car.    

Ideally, it is the appraiser's opinion to utilize sales which have the most recent settlement dates, however, due to a paucity of settled sales in the subject's market area, it was necessary for the appraiser to widen the market search to obtain comparables with similar utility, style and effective age.