@Joseph MuleroTo boost your rent plan and make more money in the medium-length rent market, think about these steps: slowly add furniture to the new place while you stay in your current home, pick cheap furniture, use a credit card with good terms, look into loan options like personal loans or home equity credit lines, try out the market by listing the place with few furniture pieces, aim for easy-to-change furniture for flexibility, and talk to pros like real estate agents or home decorators.

The risk/reward ratio does not seem worth it, there are other less risky places to park your money with better returns at the moment.Also, as someone pointed out, you didn’t account for property management.

I personally don’t want to use FHA. 

The person you mentioned has no formal credit background.

My personal return is fairly complicated with Trusts, partnerships, W-2s, and several K1s.

The only PITIA paid from personal account is for a personal residence.

Recently she changed her will and named us as personal representatives and is leaving us her property when she passes(crazy I know).

The notice of a tax sale may not get to the right person to pay it off. 

Build a home and then purchase that product with a personal conventional or FHA loan? 

This is an extremely important point, because if there is no clear rules defined by each person, then it can be confusing and lead to anger or resentment between partners.