Additionally I would tell them that since they are good tenants they can stay at your new rental rate, what ever your usually annual increase is, and that they will continue on a M2M since they are such great tenants. 

I am looking to up my portfolio in the Bristol area by purchasing additional multis (preferably 3+ units).

@Jordan LeithartIf you want to pm me I can provide you some additional info. 

My sense is there's a reason for that.I'd be a bit concerned that some type of failure could result in water damage, in addition to the risks that you mentioned. 

What additional costs and penalties would we face? 

I think I've been able to dig out additional info that would suggest this is much better than as it is presented. 

In addition, the association did not have enough money in their reserves so I couldn't do a HELOC on the unit. 

Have her provide 2 months security deposit in addition to the rent  and use the co signer.

Additionally, I'm not sure if the 40 hours of coursework that I will have completed would ever expire or not.Sorry to use BP as a glorified Google here, but I couldn't find much about this on my own.

@Chris GrenzigIn addition to vinyl plank mentioned in the posts above, I have clients who will finish (polish) a concrete slab and use it as interior flooring.