Elizabeth Colegrove I did ask my coworker if he'll consider renting the place, but he was not comfortable w/ the idea.

Once I am comfortable with the model, I backtest it and then I use it personnaly and tweak it as necessary. 

If you're comfortable with the cash flow and the deal, then the financials are fine. 

Even if they dont need the money, then they have to be comfortable with the arrangement. 

Our plan is to initially rent the unit to our daughter, who is highly allergic to cats.My concern is - can I cost effectively remove all traces of the cat, so that she can stay comfortably?

As far as the purchase of the properties you could do some research on owner financing and see if you and your mother would be comfortable doing a sub-2 or wrap.

If you haven't already, read through the this deal analyzing article. http://www.biggerpockets.com/renewsblog/2010/06/30...I don't know your knowledge level so if you are just getting started, take the time to read and educate yourself on the math so you can be comfortable with what you buy.  

Unless/until you feel you are 100% comfortable with all aspects of a real estate transaction and the legal issues surrounding real estate transactions, I highly recommend you use a great real estate agent and/or attorney to assist you.

My biggest annoyance is that i wanted to rent it 9/1, but don't feel comfortable doing that now without title in my name.... ah well

You could omit the exact address if that makes you more comfortable in sharing.No cost and No expectations.Thanks.