Do they pay within 5 days of the first of the month (in some states that is not late)? 

I'll subto his existing mortgage and pay off the 120k.

Hey @Megan OConnor, I can't comment on the area specifically but it is doable.You need to search AirBNB and VRBO to get a look at the competition (don't forget to look at VRBO)You have to work into your plans the downturn during the off season.

I plan to put a $600 utility cap in the lease.

The planning process can take a very long time!

Don’t ever tell your banker you plan to live there.

If worse comes to worse and I need to get a judgement against the tenant and co-signer(s) can I force them to pay?!?

Rates are high, usually in the high 8s or low 9s, and you may pay 2-4 points on the loan. 

I already make a living out of real estate and I'm not planning on ever leaving this space, I'm here to stay. 

IF you plan on going back someday, and this is the home you want to move back to, then renting it would be a good idea as long as you estimate that it will cover itself, or preferably, cash flow, which it appears that yours will at @ $2K or so per month (after expenses).