We have offered to allow her to pay a reduced rent for the first few months as well but I am worried that may create some sort of limit on how much we can raise the rent on her in the future.

@David Woodside The 500-hour rule allows you to treat rental losses as active, enabling you to offset other income and reduce your tax bill significantly.

Quote from @Michael Challenger: I have no qualms with hard money lending, but I need to learn more about the process and structure to these for typical deals so that I am more comfortable and in a position to reduce my personal risk and risk to investors as much as possible.

Having a group of friends living in an apartment complex creates a sense of community and reduces turnover.

Price RangeDefine your financial boundaries based on available capital and borrowing ability:For Class A & B, financing typically covers 75%-80% of the purchase price, allowing you to buy properties in the $6M-$12M range if you have $2.3M total cash.For Class C & D, due to higher risk, the price range might be reduced to $5M-$10M with the same cash.5.

There are some benefits to having an LLC on reduced liability, but there are more expenses. 

Purchase price: $715,000 Cash invested: $297,000 Current Price: $830,000 (originally $950,000 on 4/13/2024, reduced by $120,000 in 6 months).

Does anyone have a template or method that they use in order to screen tenants effectively in order to reduce the risk of non payment and damage to the property? 

A lot of what you're paying for is free / reduced with Baselane. 

The cheat sheet/example greatly reduced time.