@William CollinsI agree that the it would take some maintenance.

With my limited knowledge, I would agree that it's best to try to get a bank loan through the entity of an LLC for both tax reasons and protection.

Jim, feel free to add us to your connections.My company is a private buyer and private lender on low ARV $ SFR properties throughout the country. 

Agree with Rick. 

BiggerPockets is a great start towards getting deals done correctly and reaching out to seasoned real estate investors.I agree that you can definitely get a lot out of the real estate course, whether or not you take the certification.

You should make sure all parties agree to this in writing, just so everyone understands and feels their interests are being protected. 

Cornell is one of the best hospitality programs in REB country, if not the best.

I agree with the idea of letting them stay, adding the pet deposit and socking the money away because in the end, this can be a challenge to take care of the odor.On the other hand, if the contractor is not used to cats even one dirty litter box can cause a significant ammonia odor (cats consume a very high protein diet and thus produce a high urea content urine).  

Agree with you on the terms.

I agree with Brian, get some expert CPA advice.