Looked up hotels and I see $350-600 per room per night for 2 adults and 3 kids.

Single adult + 2 kids2.

Couple in their sixties with 3 adult male children.

Sell the home to whoever your target tenant will be - modern, sleek, urban, renovated, bright/spacious; then sell the location - not whether they have a bank account or need a 7/11 - just that it is located to 'dining, entertainment, shopping, more.' 

We are always willing to entertain negotiation with our tenants.

@Jared Smith this is definitely something I'd be willing to entertain.

Just ask the guy if its something he would entertain. 

Verify and double verify with the applicant that the information they have provided is correct and that all income is verified and all adults will have a background check. 

Just keep in mind that entertainment expenses—like taking clients out for a show or a game—aren’t deductible anymore.And, yes, you can deduct 100% of your education expenses if you’re already a real estate investor.

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.