In order to protect ourselves we wanted to place a rental agreement, even though they are family members, we believe this is the best practice to let business be business when it comes towards the property. 

No lawsuits pending or anything, just protecting for the future. 

Unfortunately, you can't protect everyone.

Hopefully I'm not too naïve to think we can vet the renters, put specific family and neighbor friendly language in our listings, and put protections in place (noise detectors, people counters, etc.) to shutdown problem renters immediately.

It's illegal (See the TCPA - the Telephone Consumer Protection Act) and supremely obnoxious.EVERYBODY hates robocalls, ringless voicemails and spam texts. 

This was done to protect senior citizens on fixed incomes from being forced to sell their homes due to unaffordable property tax increases.So now, the city assessor tracks the SEV, but homeowners are taxed based upon the Taxable Value.

The Consumer Finance Protection Bureau, and the SAFE Act may be applicable to “lease option” on residential property.

During the 2008 market crash, my business suffered as we specialized in REO listings and we decided to close down.

I'd rather not have to go through that arduous process, but at the same time, I need to protect her from anything else happening. 

You have to get a parent to co-sign since most students don't have extra income coming in if they are a full-time student and you want double protection.