@Richard Dee For 2nds, it's vital to get a profile of the borrower and their overall credit worthiness.

Many feel entited and will push for an ESA, but some will pay the pet fees (we like higher deposit AND pet rent) if pets are allowed.We use this form and have not had any actually returned to us:FORM TO REQUEST AN ASSISTANCE ANIMALWe are committed to granting reasonable accommodations when necessary to afford persons with disabilities the equal opportunity to use and enjoy our rental properties.Under the Fair Housing Act, a person with a disability is defined as a person who has a physical or mental impairment that substantially limits one or more major life activities.

You need to be fair in your screening process, but if all other applicants are equal, that would tip the scale for me to pick someone else.

Rent minus mortgage payment does not equal cash flow.....You’re going to be losing money on this every month you have it with the hope that the market values the property at 375 in 5-7 years.  

Or, this is about 1 in 500, would offer me true and vital information, unprompted, and at least did a great job pretending they needed nothing in return. 

Make the agreement that you will repair and put on market and leave on market until it sells.If the property is free and clear then:  Make the note equal to their price plus a percentage of the net proceeds of sale minus your expense to rehab. 

It’s vitally important that you understand the terms presented in these documents, and review it with the sponsor before you commit to the investment.

I'd argue that your equity is equal to whatever contribution you've made per your agreement. 

There are other ways.  50 doors equals 50 headaches, in my opinion, but that's just me.  

I would recommend living at home for a year and learning as much as you can and building a team with a real estate investment/multi-unit real estate agent (not all agents are equally...not even close) and a mortgage broker who is creative when it comes to these projects (pm me and I can give his contact info).