Are you more comfortable working with a team or an individual?

The key is finding the middle ground where you sleep enough people that you’re not leaving money on the table, but that the guests will be comfortable and have enough room/privacy during their stay.

Alternately, you could charge "pet rent" - I would do whatever is the local custom in your market.I would create a pet policy you are comfortable with. 

I'm not sure how to structure it so that your contractor/investor would be comfortable with the deal without transferring the title though.

I think this comes down to your comfort level and how much risk are you willing to take on.  

I will make sure I have reserves and can comfortably pay the mortgage.Okay so that's all great.

Not our first choice in neighborhoods, but the schools are top notch and it's a very safe and comfortable place to live.

@Beau Blinder You have been helpful and it's always comforting to speak with other landlords and get ideas of how more seasoned owners deal with difficult tenants. 

I can also think of several  why you want to be duly diligent on the purchase side.I'd find out what I could about the building and the circumstances, talk to some  tenants, call the property manager, if there is one, get the sellers story and the P&L - not the proforma, then make the offer you are comfortable with.Best,CJ Pilon

The basics are the same though worldwide, so that is comforting :)Buying with creative financing, owner financing, wholesaling and flipping, even foreclosures (bank owned properties.)