The refi must at least cover the original loan, and as much of the Rehab, holding costs, and closing costs as possible. 

This covers a ton of ground for finding renters.

What I like is that they use 2 people to inspect so they are able to cover quite a bit of area very thoroughly. 

I'm a little leary to think that 6 nights (3 weeks * 2 nights) is going to be enough to cover mortgage, insurance, property tax, maintenance, cleaning, furnishing, 100% of utilities, cable, internet, etc. but maybe I'm all wrong. 

I want whatever cash flow there is to cover the expenses in the long run...I could sell it and take home some cash but I don't need the money now.

I have my utility lines covered on a policy written by Philadelphia Contributionship.I have a couple houses that I've been too lazy to switch still with Nationwide (I think) and they DO NOT provide it.

If it is near the city, meaning more of a rural area, turnover will cost more than what’s covered by a 10% vacancy projection, just because of the lower demand and smaller pool of potential applicants.This is a very unattractive “deal.”

Your friend has about $7k per year cost of maintaining her property - if we ignore utilities (unless they are included in the condo fee, which sounds too low to cover all utilities) and maintenance. $280k divided by $7k is 40 years.

Lucas started down this road, but I think the most important part here is to very rigorously vet the would-be tenant and get enough written assurances that you are covered if this doesn't go well. 

Alternately you could send them all a notice explaining the situation and indicating that if there is another fine that you are simply increasing all rents to cover the potential costs.