Also check out this article published last year on BP on this exact topic/question - hope it helps!

They build and invest to help improve the area, bring in better tenant pool, improve the economy and hopefully at the end of the day make a profit on the hard work, time, and money spent on that new development.  

(nice to meet you.)what i can help with is determining how your property might perform as a rental. so let's do that.as you probably know, you need to factor in much more than mortgage / PITI. so:will you self-manage, or hire a PM? 

Build a good track record and strong credit, as these can help you negotiate better terms.

Your only chance is if they are SUPER desperate, you’ll get closing help and rate buy down.

He was super helpful and knowledgeable.  

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.

Transitioning from one field to another can be daunting, but you've come to the right place to learn, grow, and connect with like-minded people.It's awesome that you've already dived into some real estate reading; that curiosity and willingness to absorb information will definitely help you as you figure out your next steps.

At closing day, part of the full cash purchase amount in escrow (~700K) will pay the default amount (pending) they owe the bank, 20K will go to their own account to help them find the next rental place.

Hopefully this information can help you make an informed decision when deciding whether to allow pets or not.