@Jose Saladin Purchasing your sister’s home as a live-in rental offers instant equity (~$170K), tax benefits, and landlord experience, making it a solid first step into real estate investing.

The renovation process included modernizing outdated features, updating plumbing and electrical systems, and enhancing curb appeal.

This link is the latest guidance and includes a process you can follow to screen and approve service or support animals: https://www.hud.gov/sites/dfiles/PA/documents/HUDAsstAnimalN...4.

From what I've seen in this area right now, it seems like you'd have a hard time paying market LTR rents and making a good spread. 

With that amount saved up you could buy something and still comfortably make cosmetic updates and have reserves. 

I've done a lot of value add as well so that helped speed up the process.

What criteria or requirements must be met for this to happen, and what’s the process I need to follow to ensure compliance with the law?

.❌ Less Control Over Tenants & Maintenance – You won’t be as involved in selecting tenants or overseeing repairs, which might lead to decisions you wouldn’t have made yourself.❌ Not All Property Managers Are Great – A bad property manager can neglect your property, overcharge for repairs, or poorly handle tenant relations, leading to unnecessary headaches.Which Option Is Right for You?

However, my mother has fully paid for the property, making her the rightful owner in practical terms.

If you aren't an excel expert I wouldn't bother trying to make your own or scour the internet for an analyzer tool that may or may not meet your needs.