I am closing on my first property in the next few weeks and I am trying to get my spreadsheet setup for tracking ROI and other metrics.

The seller's main concern is that you are a qualified buyer who can close the deal.- The lender: when applying for a primary residence mortgage loan, you are typically required to intend to live in the property as your primary residence for at least 12 months.

I would say 80%-90% of buyers are owner occupied and per their loan they have to move into a unit within 60 days of closing. 

Insurance does not stay in business by paying out claims.

Michael Short   Don't get me started on how women get short-changed if they are stay at home moms, starting with Social Security benefits....But, if your Mom came to me, as a landlord, saying she's in the middle of a divorce and she should be getting alimony - but doesn't have it yet, may not get what she thinks she'll get, and there is no proof of regular deposits in a bank account to show me it would be reliable - I'd have to deny her.  

He will now have a higher mortgage payment to me so I can make a small profit, but he gets to stay in the house and not have to pay much in equity to her.

When evaluating MTR markets I would always start by searching Furnished Finder and Airbnb/VRBO (30+ day stays) to get a good sense of what is out there on the market already.

Closing on July 3rd.

I sometimes advise buyers to get an under-rented property that may be below market rent, maybe do some upgrades, and after rents are increased you'll be close to or above the 1% rule if you don't start out that way.   

Credit history and sourcing funds for down payment / closing will be a factor in the pricing of the loan.