These are often ideal for long-distance investors, who what to work with an established team that manages all aspects of your investment. 

Try to avoid throwing everything away.The resident can collect monthly payments until the property is purchased in full by the GNA, or can cash out and a traditional loan will be sought for GNA to finish the purchase.If there is an “owner carry” deal currently established, then subtract the remaining rehab costs as a principal payment.If the GNA is simply purchasing the property, then it needs to fall into “70% rule”.Purchase price = 70%ARV - Est rehabThis option typically leaves less money for the original homeowner, when compared to the “owner carry” structure.Allow for equity transfer to other properties in the GNA portfolio.This option might allow for the lowest cost to process everything,Bring every aspect of the property up to common standards.

In terms of pets, it's really your call, just be consistent. 

Tenant screening is the most important aspect of selecting a tenant.  

And you're absolutely correct, they are buying with a different set of economics so where we see a 'low' return they see an overall consistent return with longer term growth potential.

You need a calm consistent demeanor and the ability to handle and solve problems and you have to effectively deal with lots of different personalities.

Real estate  can be a lot more consistent and there's room for greater returns depending on what you do to the property, and factoring in appreciation.Considering the time spent landlording/maintaining the property, you have to ask yourself if that time is spent well given the 8.2% CoC return, equity gained, and possible appreciation, compared to the 9.8% return on the S&P.

This will teach you basics of real estate investments and different aspects of it, and give you much needed experience. 

Sometimes a cat or dog is a chill well cared for and awesome addition to the house; other animals can pee everywhere, chew the door and window frames, bark all the time, go bananas and stuff their nose in the crotch of every visitor, or the owner simply will not spring for flea meds or vet visits, leading to problems all housemates can feel.Like many aspects of this, it's a balancing act, and something to be mindful of.While I'm thinking through it, other things to keep in mind include furniture, storage space, parking spaces, and visitors.

@Steven DAmbraWith a reputable consistent lender your going to initially pay until you build a relationship and prove that you consistently hold up your end of the deal.