The terms are different, so you might run in to some issues there. 

It does not matter whether you are starting a real estate business, restaurant, car wash, or amazon commerce business - the lender will first look at you and your partner and how much skin you have in the game, your experience and the risk of the loan not getting paid. 

Business issues or simply too high of a rent demand for the space provided?

The biggest issue I see is control of the thermostat.

Plus, taxing on social security becomes an issue if I do this later. 

My experience shows it cost way more than 5K in marketing per contract and The close ratio is less than 50% due to title issues or a seller changing their mind and/or being difficult ect.I believe it, it was just an example. 

There's a very good chance the issue(s) you face have already been discussed and answered.Ask questions in the appropriate forum.

Quote from @Julia Lyrberg: Hi Csingh, Sorry to hear about the tenant issues—that can definitely be a difficult experience.

I've learned the easiest way to do this is ask the owner to remove everything unnecessary for guest use AND give us permission and the freedom to remove items as we see best.Less stuff in the home, less issues and less work each turnover.

Of course home owners have no issue just put a plug in your home ..