Being a realtor has limitations as all transaction are regarded as regular income (add both side is SS and regular tax rate  25 percent, instead of long term capital gains15 percent) so for me it’s the difference of 23 percent taxes versus 46 percent.

Universities are going to make money, your best bet is to play the game with them and sometimes you can't b/c they simply control the market too much.

Do I form a limited partnership with an agreement specifying these details?

Make sure that in the area they're not going to expand rent control  Look up AB1506 in California a lot of tenant and tenants union groups are trying to expand rent control to single family houses, condos and post 1990s built properties https://www.economist.com/blogs/economist-explains...Expansion ab 1506 https://sf.curbed.com/2018/1/9/16871314/rent-contr...http://www.tenantstogether.orgthis is a group that is heavily funded by political movements trying to expand housing authorities that will lock rents in different areas. 

However, certain issues, such as limited partnership interests are always presumed to be securities. 

Other than coming up with 20%+ down on the full amount, how could owner financing play into this situation to limit the amount of capital required upfront?

If this is the case after a title search just get them to sign a general or limited warranty deed.

It is by no means a immediate eviction and once issued the tenant is in full control of the direction it takes.

You do have to recapture what your were entitled to take in depreciation (whether you did or not) and that is taxed at ordinary income with a limit of 25%

Is there a limit on the number of loans on a property?