Since you won't be able to recognize it as a valid rental if you're charging under market rent and you also expect to be covering any house expenses that are outside of her budget, this seems the best choice. 

Now my question is; is ~$2450 rent enough to cover mortgage of $320,000?

you said "rent covers mortgage." you need it to be significantly higher than the mortgage to cover all the expenses you are going to incur.hope this helps...

You still need some money to cover part of the rehab until you get your first draw, and if you're a brand new investor you might not qualify for 100% LTC on your first deal, but if you can partner with someone with experience on their track record or can prove significant past contractor experience then we might go that high on your first deal. 

If the permanent financing will allow you to recover most of your initial investment and the fair market rent covers the principal, interest taxes, and insurance with cash left over, you have a BRRRR.

They usually have a process for filing a claim with the city for damage caused by them, and they may be willing to cover it.

Goal is cashflow or at least covering a substantial portion of the mortgage. 

You may have to do this several times for all the different tasks being done.The only labor cost not covered by this type of online inquiry is drive time from the businessto the property, to the store & back for supplies and then back to the business address.

This would apply to your unit.Your biggest concern with setting the rent should be the near future. 1) Your insurance is guaranteed to go up, probably dramatically.  2) You may get an insurance assessment bill to cover the CA Fair Plan losses.

I actually like them because the homeowners' association (HOA) usually covers most of the insurance, and there is very little maintenance required.