There’s a lot of great suggestions in this post.

Would anyone have any suggestions! 

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However I would take a WAG and suggest there might be less than 3 or 4 lenders in the entire US that are HML and do OO. 

. * Some responders here may suggest not worrying about that and renting it out anyways.

Any suggestions?   

I'd suggest that there is essentially no tax implication for this as compared to your alternatives.

.: Application/Screen every tenantIMO I wouldn't allow pets since it wasn't leased with petsOtherwise a non refundable pet feeI would charge at minimum 350 upfront per pet or not allow them at allThe Realtor who sold me the property and helps me find tenants, suggested $500 nonrefundable deposit for 2 cats and $25 a month each. 

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@Rosalyn ScofieldI always suggest that investors and homeowners avoid home warranties.