First thing you want to do is get very familiar with their existing agreement (is it month to month, who paid a security deposit, who pays the utilities, etc.).

Keep in mind this is entirely DIFFERENT than a contractor being paid through the loan you secured on the property if you got a renovation loan.There are plenty of other ways that a contractor can do work though on a home. 

I know that you would have to get the owners consent written into the lease and you would have to secure short term rental insurance.  

I just purchased my first rental property and I'm wondering what apps or software you use to keep track of the incoming rent, along with expenses of taxes, insurance and repairs?

She likes the secure feeling of having it paid off.

It means you need to secure flood insurance which is in addition to wind/storm coverage in Florida.

I've built up some experience completing flips and buying rental units on my own – and now would like to start bringing some other investors into the fold to secure deals on a more consistent basis.

My sister can possibly secure a personal loan at low interest. 

You can also use software like ours to find all of their other deals, then look at the history of those.

If the seller is an owner occupant, he may have an LTV much higher than any investor can obtainThe main benefits to a seller is that the transaction is quicker than a buyer obtaining new financing, and that he may get a higher price because the buyer does not have fees associated with obtaining a new loan and the buyer may pay more for greater leverage or pay more if he can’t qualify for a loanThe downside to both is primarily that the buyers equity can be wiped out if the note holder accelerates the note, further the seller now has liability on a note secured by a property he does not own.