That's why I'm hoping someone with first hand knowledge/experience can chime in to help explain this product, how it works, average rate and term, qualifying metrics, etc.

You would only qualify for $114,000 on $150,000, which is 76% LTC. 

When owners of property we manage ask how long will it take to 'turn it over' the question really translates to this:  IF the property is 'rent-ready' (showable), IF we have access, IF it priced according to market, THEN it normally takes 2--3 weeks for a vetted, fully qualified tenant applicant to sign a lease.3. 

This structure first compensates either partner for skin in the game (kind of like you would otherwise need to pay for private money), then splits rest.On the legal structure, sounds like you'll want to set up an LLC, along with an operating agreement that specifies the different duties you each have, all the stuff you agreed on deal structure above.

In addition to the possibility that these get added as liens, HOAs can make your life miserable as a landlord if the board is overzealous.

She was already "cited" for the unkept yard and is about to be cited/ liened again because the house has been vacant so long and not boarded up.

I'm going to be a bit of a contrarian to the above posters, but let me first qualify my post by stating that your market will determine what you should do.We frequently install en-suite laundry in our units - in fact, we have removed common coin-op laundry in most buildings of 6-units or less in favour of en-suite laundry - for the following reasons:electricity and, in most cases, hot water costs are transferred to the tenant;where water is sub-metered, water costs are transferred to the tenant;high-efficency residential laundry machines are about half the capital costs of commercial coin-operated machines;we can command $30 - $50/month in additional rent with en-suite laundry;by installing our own machines, we know they are installed property, with catch/drain pans and {going forward} leak detect shutoffs; andwith en-suite laundry vandalism of laundry machines has been non-existant ... and if a machine is damaged, we know who is responsible.We have a good rapport with a couple of local appliance suppliers and get called whenever they have "dinged and scratched" units to unload ... a small, cosmetic dent in the side of a washer - which will never be seen when it is installed in a laundry closet - can be worth a 40 - 50% discount.  

However, I would only list the parents as the responsible party since they are the ones actually qualifying and paying the bill.

Not someone I would rent to.Keep on searching for a more qualified tenant and do not be lured in by the offer of paying rent upfront.

@Patrick Rowe Just get conventional financing as it is the best for you (provided you can qualify).