If the payment is conditional on the closing of the property, that's brokering and requires licensed agents.It can get sticky in my experience.One way is to pay for the leads, so its not conditional on the closing. 

So far she's great, getting a new job, very on point with the communication and she also has government support that guarantees to pay her rent for 6 months, the payment is well enough to cover her rent.  

I was able to use equity from another property as part of the down payment and renovation cost.

You cannot personally guarantee the loan, the real estate must be the only security and thus have sufficient cash flow. 

In that case, I suggest talking with a short-term rental lender and figuring out their requirements before you get into a tricky situation down the road and cannot secure financing for this. 

If you sell at full price, with 20% down, and a 30 year loan at 7.4%, the monthly payment including HOA is $3,854. 

My preference is whole trust deeds since you are named on the legal documents and have security with real property

I'm in Canada, but if you are below 20% for a down payment, you also have to pay mortgage insurance and that is pricey.

Just adjust your payments and expenses to accommodate the payment being received on the 5th.

Hard to beat and I am securities licensed Merrill lynch bank in the past.