Needless to say, I am most focused on finding a tenant that will stay for the duration of their lease at a minimum and take care of the house like its their own.

What that opportunity cost is, is a question for you.The breakeven point without considering the opportunity cost of the money is:11500/198.26/12 = 4.8 yearsIf you are super committed to keeping the loan for the full duration, maybe it is worth it. 

We've been the lowest priced lot for the duration of the listing.

The first is to retro charge the tenant for a pet for the duration of their lease -your ability to enforce this is largely based on the law of the area.

I have a tenant willing to pay the entire one year of rent upfront for the one year lease to start. Will you allow? Is it common to happen to the landlord? Tenant does not have the credit history to show from the past.

High rates extended for too long of duration will kill your deal.

I’d take into account their average lease duration. 

@Whitney HuttenMy property manager takes the first months rent, and then 5% of the rent for the duration she deals with the property.

I am open to suggestions, just not sure what is typical to start (ie interest, duration, terms, etc)  I also am not sure if I need to form some type of syndicate or other entity for this to work and be legal. 

With all that, it's the duration of things that concern me.