As long as you have your ducks in a row in terms of fraud (which you obviously do - you didn’t get the mortgage under false pretenses), you’re all set.

in terms of the asset itself, it would be about a 10.5x cap, and the gross operating income (excluding financing/expenses/whatnot) would come out to about a 45% CoC return. it's just that all that return will be going into the mortgage.

I would definitely make sure they are fully aware of the risks they are facing and have a good idea of what kind of investor they would be in terms of "I just want to see you do well and don't care if you lose all my money" or "here's my last $50K and I desperately want to make a ton of money on this deal and will be checking in daily".

In terms of not being "registered", have you obtained a basic business license for the unit?

It was our first experience running an Airbnb so that can be challenging in terms of getting a reliable house cleaner that can get in and turn the beds in a short time frame, having to furnish a property can get expensive if you are not able to find good deals and we are still in the process of a partial release with the mortgage company for the lot.

I compared the numbers generated for each property and identified ones that were not performing well in terms of value vs rent.

Or would that not be ok in terms of separating my business from my personal?

Also get a handle on what they require in terms of liquid reserves. 

“I’d also define what you expect in terms of ‘clean’.

Do people think its a fair deal and any advice about setting up new ventures in terms of agreements etc?