@Maurice D. thats exactly what they want to happen and i could easily see it happening to someone and be completely ruined! 

You do not want this to ruin your friendship.

Floating vinyl plank will not ruin the wood floors if you or someone else wants to redo them later, it is pretty cheap, and very easy for a DIY project.

There are many unknowns which can ruin your deal.

Since we are buying AFTER the school season has started we know vacancy will be a challenge until next school year and are hoping to get some leasing for spring semester, but have entertained the idea of AirBnB, but the following questions have stopped me from pursuing it:The purchasing/transportation/assembly of furnitureThings will likely get ruined (sheets, dishes, furniture) will my cleaning lady/house mom really be willing to go out and buy these things and replace them?

I knew that one bad tenant and/or one extended expensive turnover could ruin that meager cashflow for a year or even two.I think situations like that are better suited for investors with extremely well-paying w2 jobs and/or other forms of income. 

Then, newbie real estate investors try to emulate what they see on TV which is a course for ruin in most cases. 

I know that this process is going to ruin my credit score in the short run and I am worried about needing to go to a hard money lender later.

However, nothing ruins the triumphant return to your newly updated home like realizing that everything you left behind is coated in a fine, pernicious powder.

I was buying court house steps in fort Meyers  new or near new homes for 30 to 40k cash at the steps in 093. my well documented clients in PHX AZ losing 4 plexs they paid 350k for in 05 and having them go vacant and they let them go to foreclosure thereby ruining their credit and losing whatever cash they had in them.. 2010 they were selling for 100k or less and still vacant.so on and so forth.As long as credit does not freeze the values have been reset .. those that were lucky or smart enough or came of age to be investors and bought in the trough historic low price points historic low interest  many paid cash as financing was still tough.. so as long as they don't drink the cool aid and refi out and leverage up you have the makings of a very strong asset base.. plus all the foreigners who paid cash there were literally hundreds of thousands of homes paid for in cash by Off shore folks.. then add in the half a million or more that were bought by hedge funds..