Use the rules as a super broad guideline, but best to understand how investors in your market are analyzing deals

If you are, then I would suggest books or podcast just to give you a broad understanding.

Define your rental criteria and make no exceptions.

Define your qualifying criteria and stick with it. 

@Beth Matherne Some thoughts:1) How have you defined what your PM's duties are?

I suspect the capex/ongoing maintenance costs will hurt long-run and the condition of the property would be the defining factor. 

The broad percent rules aren't really accurate.

I would suggest to better define things, such as what is defined as a small dog.

Privilege to keep such an animal without it being considered a "pet" requires the tenant to have a qualified disability as defined by non-discrimination laws.

"Treatment of the Income (or Loss)" "If the rental income (or loss) relates to a property other than the borrower's principal residence: If the monthly qualifying rental income (as defined above) minus the full PITIA is positive, it must be added to the borrower’s total monthly income.