Also, do you specialize in investment properties as well from a real estate agent stand point, or do you primarily focus on owner/occupants?

She takes an estate for (5) years, which means she has control/occupancy for 5 years, then the ownership reverts to you, the remainderman, and the final $25K note is due. 

It's even nicer that this falls over football season because normally those are not peak hotel occupancy times anyway.

I would check with a real estate attorney in your area to see if the rules change in buying an owner occupied note and either evicting the occupant and taking over the property.

Will's occupant from hell post is an example of how that can getcha.

See http://www.idfpr.com/faq/dpr/realestatefaqs.pdf.You may need a business or occupational license for the city/county you're in to open bank accounts, etc.

Tell her she's lucky your not charging extra for the entertainment or additional occupants ;-)

Well, I have some questions about the specific property as well as the need for a occupancy certificate.

You also don't have the financing to buy it as a non owner occupant, you don't have the money for the renovations, a buyer is highly unlikely to commit before they see the finished product, and their financing may fall through.

You also have issues with a buy-sell arrangement being viewed as another financing arrangement with the occupant of the subject property.