Some states are mutual release, meaning the seller and buyer have to agree to the release of earnest money if the deal does not close.

Not everyone agrees with me, and I know that.

Agree, Ring or some other camera monitoring  system, security systems will  have issues with alarms &  beeping and other issues which might be a nuisance for guests. 

Tell them you agree the $5k is theirs, non-refundable to you.

@Drago Stanimirovic I agree the Central IL market is a great one to invest in !

Then if at the end of whatever time you have agreed upon, if the tenant still has not left, you can get the Execution to move them out.There are programs out there that may assist the low income tenant with first last and security as well as some moving expenses at a new apartment.

Attempting to collect from someone who has no incentive to pay will drastically lower your chances to actually get the agreed upon money. 

However, we often have nurses requesting to extend their stays when their contracts are extended.I agree with Sarah.

Talk to your agent to get a little more information about this.I agree that if the unit is not permitted to be rented on its own, then it's probably best that you don't rent on any platform illegally.However, if you are able to allow access to the main part of the house, you may be able to rent the space as a room in a home depending on local laws and ordinances.

@Zach RumfieldI agree with @Bill B. and @Bruce Woodruff that, financially, this is probably a no brainer and that you should run the numbers to see how it pencils out because, even though your dad already owns the property, there are likely still some upfront costs to consider.1.