In addition, they have always paid my $50 late fee, which compensates me for allowing this behavior temporarily.

Your equity is reducing your possible returns not increasing your cash flow.If your father has no use for additional income he could leave it where it is and not care if it is impacted in a market shift or he could pull it out and invest in a income fund or a REIT. 

The below link takes you to a BP post that provides some additional information on this: https://www.biggerpockets.com/forums/93/topics/493...

I was quoted an additional $70 to have it done.At first glance seems like it's worth having done and if it is detected negotiating it out with the seller.

I will look for a landlord/tenant lawyer to add it to the lease when my tenant gives me the move out date.It's good to hear everyone is have good experiences with Cozy

Not related to the additional person, but just because?

In addition they will have the cost and hassle of moving. 

They also pay an additional $500 a month towards their down payment. 4.

I used this property(my first rental) as a cash generator/stabilizer for my additional rental properties.

@Kai Van LeuvenCouole thoughts on the pet policy.Yes it’s fairly standard to charge an additional security deposit ( as carpets will most likely require additional attention for pet hair).