This will protect your father-in-law by knowing the principal is required to be paid down and ensure you don't lose out to variable interest rates.

This should be paid off in 5 months, I will immediately use my Cashflow to pay the principal down on my mortgage which is around 303k (which desperately needs it).

Also, more doors = more debt utilized for principal pay day, great appreciation gains, and diversified risk from vacancy and repairs. 

On a 100K loan at 5% the principal and interest payment is $537. 

In this situation, your first step is to ask your Realtor, if no results, make contact with the Realtor's Principal Broker (Boss). 

Personal use also includes time spent at your place by another party under a reciprocal sharing arrangement (“I use your place in exchange for you using my place”) whether the other party pays market rent or not.Days devoted principally to repairs and maintenance are considered days of vacancy and are disregarded, even if family members are present while you work away.The tax drillVacation homes in this category are treated as personal residences for federal income tax purposes.

Payment is 1% principal balance monthly, not interest only.

The only thing I might consider for the short term, and only if the prospective tenants were much closer to being qualified, is to charge the market rent minus the mortgage principal.

this is high risk high reward.. we optioned this ground for 5.5 million in 09.. we pay 120k a year all goes to principal in yearly option payments.. so I don't know crazy maybe..

Your e&o insurance doesnt cover you when you are a principal to the transaction.