I would recommend telling them to send you one payment per month (ideally from the same person each month).

Ideally I'd dorm two students per room and extract $1,000+ per student in rent.My biggest open questions are:What are the logistics involved in getting something like this set up?

I will follow-up with brokers if the deals aren’t ideal and definitely practice going over numbers as well.

Steve - a lot of GSE paper which is non-recourse is fixed interest rate but very long-term with either pre-pay or servicing requirements which are not ideal on a shorter time-frame.

.- a quick glance at the numbers - you won't create enough positive cash flow (might not create any at all) from the property to help close any gaps, so the money to do the above options will have to come from somewhere else.A few alternatives to consider:- negotiate a longer balloon period, ideally 3 or more years out as that buys you some time and breathing space.  

Ideally I don't want my client to come out of his pocket for closing fees.

Ideally there is a gain of $10k+ after I refi out of hard-money (I am measuring this as equity after refi at 75% LTV minus total cash out of pocket). 

I think about work all the time -- it's hard to make myself stop working -- so I've picked up meditating at the end of the day, ideally for 45 minutes before I sleep (and after my daily work-think session).

The owner also relayed to me that the location is a ideal place for a bus hub and megabus has showed interest in using the property for that such purpose, but he is still willing to either buy lease option the property or sell it out right.

Tenants are always complaining about each other and they can be a real pain.Up/Down is not ideal, but something I would be willing to accept.