If you need access to the $200,000, you could use a HELOC to temporarily pull equity from the property when good opportunities arise. 

I don't have access to the MLS to run comps.

His lease says they have use of the entire property for $X, if he wants to increase the rent that is separate from changing what they have access to.

A person could be 1 week out of prison for murder and no, your not in the clear to discriminate against them as a potential buyer for an open market home sale.There is a lot of history with various discrimination in access to housing to various persons of assorted minority classes, not just on race but a whole assortment and in this day n age there is no shortage of attorneys and advocacy groups happy to sue.

A local real estate agent with MLS access and market knowledge will be able to provide the most accurate rent estimate.

If the search is correct you keep adding 3 months back and 1/2 mile out until you have them.The best value analyzer in my opinion is only accessible by realtors.

They can provide personalized advice and may have access to loan programs that suit your needs.

However, if you need more flexible terms then look for a local mortgage broker who has access to a lot of companies offering HELOCs with most having more flexible terms than local credit unions. 

I think the main thing would be access to the books to make sure of the expenses.

He paid for common area access, built a bed in his Land Cruiser, pocketed the rent but we had agreement on what the pocketed money could be spent on (seeing we were paying the rent).