Your low down payment loans will go a lot further that way!

If you are replacing a rent payment with this then 100% yes bc you will come out ahead.

Consider the cost of the property, mortgage payments, property taxes, insurance, maintenance, and property management fees (if applicable).

If you set it up with a car rental service like Turo are likely protecting yourself/car more from potential issues and damage and may be able to keep it off platform and only make it available to your renters (not sure on that last part but just a thought).Also, from a lender perspective it could complicate things if you are looking to refinance one day and have car payments included in the lease payments/on the lease.

Find out how much down payment you want to put in to the project.1. 

You should make sure that the rental revenue meets all of your costs, including the mortgage payment, property taxes, insurance, maintenance, and vacancy allowance, since monthly rental prices might range from $1,000 to $1,600.Property Appreciation: Take into account the market's expected and past rates of property appreciation.

I don’t have the down payment yet but I’m sure my relative will want the lump sum at some point.

I have been updating the house and making the mortgage payments in the seller's name (kept his mortgage). 

I don't even have a payment system or anything in place.

Assuming you get that part sorted out, decide what you want out of your money and choose the method that gets you there.