If you could secure 6%, there are safer alternatives for you.

If you’re renting it out, it suddenly isn’t habitable and you have to provide alternative housing. 

So I'm debating: do I replace the entire thing with new OSB subfloor and new vinyl plank flooring (contractor estimate of $6K) or is there an alternative fix that is more affordable but significantly dampens the creaking?

It’s a terrific alternative for young people who choose to not live in Manhattan.

There's a lot that remains to be seen with this particular solution though. 50% of rent seems like a low amount for a deposit, and the insurance option also seems like a bit of a risk and a nightmare for landlords when they need to collect on it.I will note that, here in Cincinnati, the tenant can request these alternatives and the landlord has to grant them, but it seems tenants are not very aware of the options as of right now.

Currently I'm considering making a rotating schedule of sorts where we alternate between using this facility for education and another venue for more of the social/networking side of things.

Alternatively he could do a live in flip, but flips can be risky and first time flippers don't always profit.Best of luck to you!

Alternatively, there are a number of CPAs on the forums who work with clients remotely.

I charge 1x, 1.5x, or 2x the rent for a deposit, depending on the tenant's level of risk.There are a couple alternatives I'm aware of:1.

The alternative would be to hire a managing broker or partner with a managing broker.