My student rental turnover is considerably higher compared to traditional rentals and not uncommon for the majority of units to only have tenants for 1 year.  

First time that keyword alert was triggered for me.

I've actually had a high interest in real estate investment for a long time, but due to some struggles in the past just never pulled the trigger on it.

I will want to refi some time in the near future (3-5 years) so I need to take this into consideration as well.

So basically I don't see wage growth has that much free room to run without triggering jump in rates, which will generate a higher CAP rate demand/lower price.  

You can always do an addendum.Addendum to Option to Purchase Contract dated ___ between <buyer> and <seller>.In consideration of the sum of ____, the option expiration shall be extended to ____.  

And, yes, the lender has every right to put you through some hoops because they have a lien on the property and you technically will most likely be triggering the due on sale clause.

Lending is governed by State law and can vary considerably from State to State.

Now, the market has slowed considerably as I'm sure you all know, yet since the "boom" out here, houses are still a bit more than I'd like to pay.Now, I started with this thought of how back in high school I used to pay $150 for a new pair of Jordans at the mall.

I figure if I'm able to reach this goal and hold and let the tenants pay of the mortgages, I'd have considerable net worth and plenty of cash flow in retirement.