If you make a good purchase you'll have more flexibility with rehab. 

Credit unions can be very flexible and there are first time buyer programs out there with rather lax requirements.If you charge her rent, what happens when rent in the area goes up?

Cheaper and easier to establish, use as needed, flexible. 

@Shawn Rose Another school that is online and super flexible is cjrei.com. 

Personally I’ve gotten excited about some of our success and then realized it’s better to pay the mortgage if the government says we can’t rent it for X months rather than lose the property.To your question, we did a HELOC instead of refinance in large part because of the flexibility.

Since multifamily properties are mostly purchased by investors, the tenant situation is a little more flexible, but think about this example --  The tenants are paying $800 a month in rent when the market rate is 1200. 

Personally, (and if you have the flexibility), I like the idea of converting your condo into a rental and purchasing another 1-4 unit owner-occupied property with a 3.5% down FHA loan, or a SFR property with a 5% down Conventional loan.

There's also greater flexibility, at least ostensibly, about the loan provisions, from the required down payment and the interest rate to the term of the agreement.The seller's financing typically runs only for a fairly short term, such as five years, with a balloon payment coming due at the end of that period.

:>  Private trust docs are flexible, in havinng multiple versions depending on who you are giving them to.  

I'm confident enough in my views that I don't feel threatened by someone having an opposing view, and I'm flexible enough in them that new information or a different way of viewing something might just convince me to change them.