The end result is the non pet owners will end up paying a rent that supplements the pet owners due to increased risk (pet damage) requires increased income.  

So this post is to be mainly geared toward to help set expectations for out-of-state investors, and I'm hoping for some solid contributions from people who are actively (or recently) involved in successful acquisition/disposition of smaller MF in the Charlotte MSA (broker, owner, lender.. etc). 

I use OwnerRez and just searched the help section and they appear to have the rule setting you want.

Let me know how I can help to guide you.

It’s important to decide if you’re aiming for cash flow, appreciation, or both—this will help shape your investment choices.

Our idea is to continue living in our unit and have our next-door neighbor (attached unit) pay us rent, which would help cover our new mortgage.

Any help and advice would be much appreciated!

Lenders are most picky about restaurants because they are really easy to kill.The lender doesn't require the restaurant to be owner-operated, but they'll need proof that your management staff has a robust resume in the field as well.I'm not sure what you mean by an "arm's length" transaction.I hope that helps.

It will always yield higher than a bank and is for the most part helpful to many investors allowing the leverage they need to succeed.

Found this one on MLS, it had sat for a bit which helped with negotiating for a great price.