If your vacation rental is used by a family member, EVEN if they paid fair market value for renting out the property.

Do patios strengthen or worsen rent?

You also need to make sure you get the tenant's deposit (in full) transferred to you at closing along with prorated rent. 

After you Rent and are ready to refinance, how do you work it so it doesn't go against your 10 maximum personal loans you are allowed to have?  

I rented out the second room. 

Would love to connect with someone familiar with the area to learn about the market as well as costs of renting beach properties. 

It seems a more truthful approach is to help them sell their property and avoid the credit hit a foreclosure will produce since you are trying to buy the property (to flip or rent) rather than help them stay in their home.

@Sonja Montielh so, you're moving into a new primary and renting out your previous home, which happens to be a condo?

First-time renting my home.

Best locations are zip code and neighborhood specific.