@Sacha LaCoss you don't need to waste time/money on an attorney until the Tenant initiates legal action. 99% of the time, threats of legal action are just that: threats.

This is definitely new to me, so an outside input is always appreciated before I look too far into something that may not be as beneficial as I initially expected.

Do you think it may be better just to leave them in place, wait till the previous lease is up, then initiate some kind of RUBS?

If you're planning to sink $30,000 in rehab costs into the property up-front, I'm guessing it won't qualify for a conventional loan right away, and that you'll need to initially borrow from a hard-money / portfolio / private lender at a (much) higher interest rate, and then refinance once the property qualifies for a conventional loan.Lastly, nice job being thorough in your expense itemizations. 

You just can't expect to cash flow on an initial purchase with a low down payment.

It's a single family, very close to the campus and will be use initially as student housing.

My initial comments above suggest that every investor identify for themselves their priorities.

Anyone want to share what the typical initial offer that you give (as a percentage of the asking price) on BRRRR's?

One of the hardest things about investing in real estate is that initial fear, you've got this! 

Lots of listings state seller will not do any repairs, however, if you uncover hidden items not present during standard initial walk through, you can certainly re-trade the price to cover the added costs.