Are repairs/mx outlined about defferred or is that your montly planning factor?

Your tenant may ask to have a replacement co-tenant which you will also need to screen.Your situation is why a landlord must initially screen each tenant to insure that in the event either is left as a sole tenant they qualify and are able to afford the rent as outlined in your screening process. 

I came across an article outlining how MArist College is planning on expanding there on-campus housing in 2017 with a huge investment.

Doing so on a small amount of earnings would be much more advantageous than on a larger initial sum they may hold in a retirement plan today.Rather than disparage the use of a self-directed retirement plan as you do, I would take away from your post this: Solid strategies in real estate investing such as you have outlined are a fantastic way to create wealth.

Yes, show the unit starting at the 30 day mark if needed (this should be outlined in your lease).

I have been working with contractors, the city, the intermediary entity for the NMTC, a small handful of banks, and a few RE agents to get all of the information compiled for the business plan and financial outlines.  

Asset protection is my bread and butter, and I do endorse the plan that @Costin I. so helpfully outlined below.

I really appreciated that they sent frequent emails outlining each step of the loan process and indicating what step we were at and what to expect next.  

This article will give you everything you need to know and outlines the details better than I can.https://themortgagereports.com/14946/fha-203k-loan...Yes you may be right about being able to get some more income out of the property after implementing those changes.

Create a Word doc that outlines all this specifically.As far as expectations, just remember they are working for you.