You should make sure that in the worst case scenario (no rooms rented out), that you will be able to afford the mortgage.Even though it's unlikely all the rooms will be vacant, its equally unlikely that all rooms will be rented out for a long time, room renters tend to move around a lot so you still want to make sure you're prepared for the vacancy, as Koren mentioned above expect leases under 12 months.  

The builders up there are definitely not equal although they will all claim their cabins are all "rental ready".  

At a bare minimum, I would require a written lease agreement and a standard security deposit equal to an entire month of rent.

One discount point equals one point of the mortgage’s interest rate.Other fees you may have to pay at closing include attorney fees, recording fees, escrow fees, and courier fees.

How to you properly charge the tenants seasonal usage (high in winter/low in summer) and when there's not equal gas appliances between the units? 

So my point would be that the appraised value isn't always equal to actual value on a purchase appraisal.If everyone is month to month you have a lot of flexibility to go back to them and say, "Hey, we just got the property tax increase for the year and this will necessitate an increase in rent to $X,XXX/ month.  

One point equals 1% of the loan amount, so on a $100,000 loan, 2 points would be $2,000.

Your current asking price for rent is equal to your mortgage.

For primary residences, taxes paid equal 4% of the fair market value of the home times the local millage rate plus any other local district taxes assessed, such as for fire or police, but with a school district tax credit.

You then realize raising capital from individuals you don’t know is equally as challenging because you don’t have a track record.