Currently, I'm in my third owner-occupied property and am looking to refi next year or will be requesting PMI be taken off at the two-year mark since the loan was sold to Freddie Mac: https://new-content.mortgageinsurance.genworth.com...I've done some analysis and depending on the type of loan, PMI can be treated like additional interest to determine if you should seek alternative financing.

As far as students vs. non-students, the student body at Texas Tech is growing quickly, in addition to the large quantity of businesses and families moving into town.

Multi-family is out of my budget, but I found a townhome that I thought would work well for me to live in and rent out the additional rooms. 

This was required because the project involves an addition and we will need the survey for the town's building department.  

Additionally, should I even bother submitting an offer on a property without proof of funds being submitted at the same time, or will the seller likely reject the offer without seeing the cash on hand up front?

Things like:- limits of Liability of $1,000,000 per occurance- additional liability limits in an Umbrella policy- having them name you as an Additional Insured and requiring 30 day notice of cancellation- requiring that they hold you harmless and indemnify you if there is a claim- making their policy PrimaryThere are a lot of other things that can be required and what you ask form will depend on what is available, cost, and how it will impact getting a tenant.Talk to your Agent about what protections (alarm, fire doors, extinguishers, etc.) you need to have in place as a landlord for a business with children there all day.  

Additional sampling yielded that one of the tanks was not entirely empty and may have leaked.  

I take additional steps to dissuade them on the phone, but you get the idea.

I recommend two things: (1) read the lease to make sure there is not a clause the prevents assignment and (2) create an assignment of lease document and have the tenant and the owner sign it.

I would guess add $25 per sq ft for commercial, and all the additional requirements.