Use proforma GPI (assuming all units are occupied and everyone is paying rent), then, subtract out the market vacancy and add in any Other Income the property would generate from things like laundry, storage, parking, pet fees, etc.

If the tenant has a pet, there is probably a pet deposit or pet fee that has been paid and should be transferred to you at the time of closing.  

I don't send the Cozy background check request until I screen the hard copy application for income requirements, pets, smokers, etc. 

I've been told that 5mm on up wears pretty well especially if you have kids or pets.

That's a pet peev of mine.

Keep in mind, I also allow small pets, cats and dogs.

I read online that in some states if one charges a pet fee that doing so restricts what the security deposit can be used to address if there are damages beyond the amount of the pet fee. 

Don't forget to also search for "addendum" for those 'other' areas of special concern:  appliances, animals (pets), smoking, utilities, etc. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Hey @Drew Zoller,I had a similar situation with pet urine in my current live-in flip.