For example, if you bought your property within an LLC and want the LLC to acquire the debt, you still may need to personally guarantee the debt (like being a cosigner).

Structuring the project as a senior debt instrument with collateral will increase your risk in all likelihood, especially if you give them personal guarantees. 

If you lease to a corporation for its employees to use, then you need a personal guarantee from each owner.

(Do not invest these funds in real estate at this time.)Go see your local banker and ask for guidance on 100% government guaranteed investments and put $950k or $975k in a cant lose secured interest earning certificate for one year.

@Morgan Granger I would suggest buying new appliances because by purchasing second hand ones, there's no guarantee on how long these may last and they could also break down, wasting both your time and money.

How should we approach the tenant as none of these things will guarantee we will Get rid of smoke completely. 

Trump Signs Bill Eliminating the Cap on VA MortgagesJune 26, 2019George BrooksThe Department of Veterans Affairs will now guarantee no-downpayment loans above the Fannie Mae/Freddie Mac conforming loan limit under the Blue Water Navy Vietnam Veterans Act, signed into law by President Trump Tuesday night.H.R. 299 eliminates the cap on VA home loans, which means that qualified homebuyers can now borrow above the agency’s standard loan limit of $484,350 for most counties in 2019 with no downpayment requirements.The U.S.

Huge red flag and guaranteed trouble.

Financially this makes a lot of sense BUT the major problem is we don't want to move for a long time and being a renter doesn't guarantee anything.

And the deal is practically guaranteed to be approved.