Account ClosedWhat we do is have them bring verification from their bank which includes current balance, how long the account has been open, and a letter of reference from the bank about the client saying they have been good clients for X years.

It's an odd feeling to you watch your investment account balance go up in a relatively straight line.  

They gave the deposit and returned before 2:00 with the balance.

Perhaps you could strike a balance, purchasing a slightly farther-from-campus property and renting to people other than college students. 

My plan is to try and pay this down aggressively until I get the balance down to around $20,000 (which I anticipate taking 4-5 years) and then try to start buying investment properties.

You can charge 12% interest on the balance of the lien only. 

@Brandie Flowers-warren,Whatever your desired direction you'll want to keep in mind the balance between tax advantage, cash flow, and what your muse is.  

Purchasing We sent the downpayment on a Tuesday and two days later we sent the balance.

Hey Chris great post and I really appreciate it.I guess I'm confused how you can balance that much work.  

What I ask for (and get) are prorated rents for the balance of the month, any pre-payment of rents (it happens a decent amount with a student renting), as well as proration of property taxes from January 1st until the closing of the deal.