The property will be cash flowing as soon as the remodel is over and has space for one large extra unit on the lot or two small units on the lot.

While state specific leases are simple and can work, spending the extra investment and having a real estate attorney help create one for you will likely create more value/protections and save you money in the long run

You can also request a security deposit for extra peace of mind. 

A couple of thoughts that might help.I recast a loan at a point where I had paid enough extra to allow recast (I think it was $5k over).

After today’s experience with the extra “PM” fee tacked onto the already extremely high placement fee, I felt I had to say something.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

And if you want an extra layer of confidence, find an investor-friendly real estate attorney or a knowledgeable friend who can help dissect the operating agreement.

Oh look, you get to deduct your cell phone, your internet, your tax prep, all kinds of other things regular people don’t. 

However, I definitely recommend pictures any time a guest left damage or extra cleaning that will result in additional charges.

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.