People do it, but my suggestion is to not screw around with federal programs.   

Are you talking about permanent movers, or those on vacations of some sort, or people who are temporarily to be housed due to an emergency and then intend to move back to their old stomping grounds?

Google Sheets is a great tool for multiple people to track expenses but as they say "garbage in garbage out" so see where the breakdown is and shore that up. 

The title company itself has lawyers and people who make sure you are covered in the legal aspects.

Are they soliciting feedback from showings to understand why people are not interested?

My advice is to connect with right people.

I know of a person who was convicted of manslaughter (he got into a bar fight when he was young and the person fell and hit their head on a counter and died). 

When you're ready to pull the trigger hit us up! 

While starting off with this strategy you could also be studying more about value-add options and start attending meetups in your area to get an idea of what other people are doing. 

I think people think of daily and even weekly rentals as truly transient renters, whereas monthly and annual rentals as being more resident based.That said I have seen 14 day minimums and 3 month minimums as well so while by and large monthly and annual terms are common they are not all inclusive.