You have skin in the game in the form of your entire net worth.

Biggest thing is to have a game plan and discuss it with a Banker to look at the mortgage options and go over numbers for best overall return. 

As long as you are willing to play the long game you don't really have a reason to be overly nice or flexible with this tenant.

I’d like to make the jump on my first rental property but have no idea how to get in the game.

Having more entertainmentoptions at the house like arcade games, ping pong table, etc.

I'm a bit late to the game on my reply, but am here if you need another resource as you plan for your first investment property in PHX.

Quote from @Marie T Debnam: FlipSystem is a game-changer!

They didn't want men gambling away the house in a poker game and leaving the women and children without a place to live.The intent I think for a home to be designated your homestead is that is where you live. 

It's all a game.

It's not a zero sum game and they don't have anything to gain by telling you straight, ie they're not going to tell you it's a chump fund if the underlying structure is solid.