Keep it up and adjust your systems to get better and better with each transaction!  

Option number 2 will be your best bet.

Your best bet in getting your money back is to talk with the highest possible manager in a thoughtful way with documented dates, emails, and phone call records.

From my research it looks like flips are a good bet for this area.

How do I validate income to adjust the rents?

Based on 2017 P/L 4,000 Total Projected Income $ 217,192 Less: Vacancy Factor of 5% (10,860) Management Fee of 5% (10,860) Adjusted Net Income $ 195,473 Operating Expenses: Utilities-Based on 2016 P/L (21,000) Insurance-Based on 2016 P/L (5,000) Landscape-Based on 2016 P/L (7,000) Trash Removal-Based on 2016 P/L (6,000) Marketing-Based on 2016 P/L (4,000) Professional Fees-Estimate (3,000) Repairs & Maint.

A 3% increase is a nuisance increase in this economy, I'd bet you're under renting at that pace. 

If you're not expecting this to appreciate (like if that university is decreasing in size or stagnant in its growth) I think this could still be a good deal, I would be willing to bet that you may be able to find something with for a lower ask that may need some love to get it back in shape.

I would bet your getting adequate marketing.

I’d extend that,given the choice.HELOC loans are like another credit card, where they adjust and contribute to your DTI.