I read that this is a great way to do it and simple, but I'm not all that familiar with how to do it and I really don't want to see her credit ruined.

Thanks, that seems like a pretty simple conversation to have and a good way to approach it.

My criteria is simple.

In my experience the simple answer to this question is "no."

Currently in the process of getting a HELOC from PenFed, I was required to open a simple savings account to continue with the application.

Then I wrote a simple letter with my contact info. 1:2 call back but no deal.

Please note, this simple example does not include depreciation, which will decrease your taxable base each year that you own the property. 

Based on everything you said in your opening post above, the answer is simple, but...I will answer it with a story:Man goes into the Doctor's office. 

try http://www.cabinetgiant.comIF you've never done RTA (ready to assemble) its super simple.  

Hopefully the security deposit covered most of the damage (at least it’s a pretty cheap make ready. that’s really not a lot more than a simple repaint or recarpet  could run.) it’s mostly the missed rent and vacancy that’s a real killer.