As a investor you must recognise a rental property has two separate income generating streams.

I havent spoken to my mortgage broker for a few years due to living overseas and being busy.Thats something i ll be doing next week.On the other hand im living in north cyprus which is a divided island with beautiful beachs and mountains amazing climate but is not recognised.

You do recognise you are operating a business and supplementing a tenants rent is not a realistic approach to business.

Student rentals have existed for many decades, are well established and fully recognised and supported by the legislation.

Do not live as a leach, recognise their contribution.

Overall, it looks like you are answering your own question throughout your post ie. you recognise that it appears to be quite a gamble, not REALLY what you want!

You probably recognise this ratio (NOI / acquisition cost) as the CAP rate.  

They could blow the house proceeds but I get the sense that they recognise this is the end of the line and that they have to look after that money or be in trouble.

No court recognises landlord time as being of any value.

It is extremely rare for new investors to recognise what the signs are of a bad tennat.