The quotes for rehab are from  $160K to $320K (the $320K contractor literally said he padded his numbers by 30-40% because he wasn't able to get into all of the units, some of the units doors were locked).3. 

As I previously stated, right now you can lock into a 30 year fixed rate at sub-4% interest rates!

Im All Ears!

Many states, however, have statutes that prevent land locked parcels-- in these states an Owner has a RIGHT to access his property-- the abutters must offer a reasonable access. in your situation, I'd argue that it's also the case that the parcel must be SOLD with same rights in a state like this.    

It's unlikely I'll find another deal like my home as it's not representative of the market.I guess I should be comparing option #2 to the home I'd be moving into or my current home.  1) I can wait 3 months to move and then possibly not find a deal right away, all the time getting no return on my money and edging closer to higher rates.  2) Or I can spend a lot of my money now, start receiving a good return, lock in a great rate, and start saving that cash flow to reinvest in a new deal later.

Any advice on how to get a better ear on new developments.

You generally will not be locking in a 5 year term for instance.  

This type of arrangement works best when each student has their own separate private bathroom in which they would not have to share with roommates and the ability to have a separate keyed lock to their bedroom.

Since I didn't want to lock my money there, I put 16k down and financed 44k.

The next monster of a barrier is you are not going to find a seller who let's you lock up their loan when you don't have any money to buy said loan.