Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

I would also suggest putting up a 24-hour notice to inspect the property and verify her continued presence.

I am afraid we will fall for a property with a false sense of a good deal.Are there any suggestions to help me run an analysis that would better account for the larger down payment and allow me to better analyze potential properties in the future.

For example, instead of an initial 6-month lease at $1,200/month, and then re-renting it in the summer with a higher rental rate, you could market it as a 16-18 month lease term (again, great suggestion by Tim) at $1,600/month with a "1 Month of Free Rent" special which you could either divide evenly across just the first 4-6 months of the lease, or prorate over the entirety of their lease term.  

However, what I would suggest based on your expertise as a contractor is going into a semi-fixer upper and make minor repairs to boost equity as well as savings. 

A suggestion about Furnished Finders, their calendar sucks because you can't block off your high-season months, a real detriment to taking bookings through them.

Please suggest if you think any other budget friendly ideas.

 @Samuel Diouf which neighborhoods in Columbus would you suggest looking into?

You may come across pushback with having co-gendered units so as you grow I would suggest leaving room to have unit(s) that are male and female only for those who are more comfortable with living with others from the same gender. 

HI @Jacob KazmierskiI would suggest saving a certian % you fee comfortable with and then put the rest into a high yield savings account.