I could pay my mother and father in law to do the landlording? 

I would be a bit concerned about the area due to the low rents and price, but strictly based on the numbers it doesn't look bad.

Now we need a Kentucky lease that is up to date with state laws.

Purchase 1% ownership and you have all rights to market the property and not run afoul of brokerage laws.

BP is strict about what I share here so just let me know privately.Hope that helps,Chris Pre

I know that there are many investors who strictly invest for cash flow.  

If they pass that portion, then you can confront them about the extra dogs and ask for more rent for the additional dogs and a higher security deposit because more pets = more property damage.If you do rent to them, an important note is that many insurance companies don't cover pets like pitbulls when it comes to lawsuits so make sure you are aware of the specific laws in your city/state when it comes to high risk pets. 

Make sure you check your local/state laws on late fees and security deposits.

Are the laws specific state to state?  

Keep in mind, depending on your state's landlord-tenant laws (and judges) these may not be evictable offenses.