@Michael BadinSo if it is still processing after the due date because of a holiday or something you would begin charging a late fee?

Frequently the REI/consumer applies to 3 or 5 different HELOC lenders before a credit line is actually opened -- the better rate HELOC has higher standards, so REI/consumers go through this time-exhaustive exercise of getting denied a bunch because the 4 best rate HELOC lenders denied them, it's not until the 5th that it's approved and open.

.- Tenants don’t lose their voucher if they don’t pay, but they will lose their voucher for things like getting evicted, being charged with a drug charge or a felony, not reporting a change of income.

Tenants can't be charged for ordinary wear and tear.

I can also warn you that at this price point, you will be addressing wear and tear issues more frequently and most likely addressing capex more frequently as well. 

Now the loan balance is around 60k and likely plus a couple of penalty charges. 

I'm surprised that more investors don't look into student housing like this where they can charge by the room and increase their profitability like you're talking about. 

A few things to note, my loan program does not  charge PMI if Im below 20% and they cover most closing costs so those are intentionally low.

I see in their supplied Proforma that Net Operating Income is $75,720 and their listed Cap Rate is 5.11%.When I do the formula for finding value (value = NOI/Cap Rate), I end up with $1,481,800.What this appears to tell me is that they are charging a $218,200 premium over the value of the property when figured against a Cap Rate of 5.11%, correct?

There are consumer protection laws in place which says they do have to release this information to a Trustee or the heirs, but they will play dumb so they can rack up the late charges prior to giving you the payoff amounts.