Statistically speaking, the chances of him losing money off a safer deal like that are very slim, plus it would be such low maintenance especially if hiring management. 

Big money is working on very slim margins that make no sense to the average investor.

Unfortunately, the available options in this city that meet this criteria are slim pickings.

I agree with @J Scott that your margins are already sounding pretty slim even without a complete picture.

Your chances of getting "caught" for renting a room to a person in your home is slim-to-none, but if that person would make a complaint to L&I or would need to be formally evicted, you will want to have the rental license.

Im well aware that the chances of grtting this is slim to none but what are my next steps in order to at least have this be public record (so more than just the courts and I know about it)I appreciate the responses.

They are expensive and provide slim value. 

The deal is already too slim to begin with as your maintenance and capex are likely too low in your initial projections and generates little cash flow.  

Stephanie,If you own your residence thru FHA, then the probabilities of qualifying for a rental property thru FHA are slim to none.If you don’t own a residence yet, then you can buy the duplex with FHA loan 3.5% down which is close to what you have now, live one half and rent the other half and have a cash flow of $200-$300.A duplex is a better investment and is easier to sell than a condo at least here in Fort Worth.

That's a rather slim list of options!