You can make a glamping area out of all kinds of cool stuff to sleep in and people will pay more the weirder it is!

And I would write in the reverse scenario too, that the owner is responsible for paying the mgmt company if the proceeds aren't sufficient to pay the rent (although if you set the rent correctly, this shouldn't happen). 

Are the parents going to sleep there?

Either way the home would sleep ten. 

Fast forward till now I'm a Banker who understands the market and eats, sleeps, and breaths real-estate.

The thicker the wear layer, the longer it will last before it requires replacement. 12 mil is sufficient for most applications.

Are you estimating that $60k will be sufficient for a complete rehab, or are you just updating bathrooms and a kitchen.

I keep telling myself if it makes money, it makes sense and there is no wrong answer as long as the numbers are sound and I've done sufficient homework.

The kids were sleeping in bedrooms with several inches of sewage on the floor.I went to my car and immediately reported it to family services.

I'd ensure $500k of liability on each property plus a $2M umbrella and sleep just fine at night.