Ideally 3bd, 2ba, over 1000 sqft. 

Or considering its a rental and not a flip, would you consider it acceptable just not ideal?

It would be ideal to have a dealer set up 10-20 homes and sell them directly the tenants and finance them, taking us out of the picture, I just don't know if that is feasibleLet me know what you think or if I can clarify anything.Thanks again 

I'll also look into the dead for purchase option if the property could be subdivided in the future.As for building before an agreement was signed, I agree that is definitely not ideal, but there is some flexibility in dealing with a family where we are all on good terms versus a typical business need. 

We closely follow the strict zoning restrictions in Miami Beach to make sure our units are legal (although ideally you could get into an unrestricted unit).

Ideally, we'd want the property to be sold & an escrow company handling the funds, to ensure we will get what was promised in our JV contracts.

That is an ideal set up @Darren Eady thanks for the info.

Probably not entirely ideal, but if it is your only option to make this happen, it is ultimately your responsibility to decide if whether or not the numbers make sense as to whether or not you can swing a payment on a $20,000 loan at high interest in combination with your new mortgage. 

At 20 I would just say she is learning (I deal a lot with college students) so become the fair and approachable  landlord.

Paying one contractor would be ideal.