i'm just saying - that doesn't rise to the level of meriting "partnership." 

Part of me thinks this is the lower conflict route but part of me thinks the cats will do way more in damages than the $1,600 I would get in pet fees over four months.

If I were you, I'd pass on this property and look for something else (and I suggest a 3 BR) under $80 that you can put a little rehab into, unless insurance pays your family member a bunch of money and they accept a much lower price. 

With $50k, you likely have enough to get started, especially if you target lower-cost markets or use a strategy like house hacking.

Haven't been there, but pay attention to the foundation - if the floors are level there no action needed.

If all of them have a garage and yours does not that will either put you at a lower ARV then what you thought, or a longer time on market.

They are lower than what I’ve been setting and getting. 

Unless new companies create replacement jobs in the city requiring similar skills and pay comparable wages, your tenants may be forced to take lower-paying service sector jobs.

The equity is actually what you are paying for the property.In this case let's look at the numbers that count,...the current numbers.You have about $500k or more in equity, which is buying you a property that's worth about $700k (I went with the lower PV. 

Business owners won't want to get tied up in litigation and if there is a good chance they will lose, it is easier to simply follow the contract.How would that work with a lower-end tenant?