House hacking a 4 plex is a good plan, and you may even consider getting normal financing with 20% down - just have a little more patience to save more to have adequate reserves.

Everything else is just normal cosmetic, interior finishing. 

Waving normal setbacks.  

If they are legit and you don’t have any other offers then I’d have the conversation with them but I’d want a higher than normal down payment (ideally 50% or at least more than the normal 20%), a higher than normal interest rate (at least a point above the prevailing rate so like 9-10% right now, but you can structure it as interest-only payments so their monthly payment is still lower than conventional), amortized over 30 but with a balloon in 3-5 years, something like that.

The UP is a pretty far away place though for most people so we don't have representation for a lot of things you'd normally find in most places.

Prove the deal to each other and if you can do that, the bank will be on board (unless you are both pie in the sky folks, which you guys are not).

Something of this magnitude would normally have a newspaper article, or a publicly accessible court docket.

I suspect it will be well used and have high maintenance costs.Software: office of google office, asana, possibly quickbooks (i would normally not suggest for a single rental, but the rent by room compounds things).  

I manage a bevy of STR properties in Costa Rica and from a yield perspective, things have definitely started to return to normal as far as revenue generation goes.

.- The Yield Curve will begin to normalize (uninverting): Even as the Federal Funds Rate begins to drop, the yield curve will finally begin it's march towards normalization.