I grew up in a northwest suburb an hour to an hour 15 minute drive away from where I currently live in Chicago; and my parents still live out that way.

There is nothing in the original post that stated the resident's situation was anything like yours.  

I formed a partnership with my favorite people (my parents and my two adult children).

You can acquire your a primary residence from up to 1-4 units for as low as 5% with conventional or 3.5% FHA with a few exceptions.

This is when you buy a primary residence (1 to 4 units, the more the better) which you can usually get for a very low down payment and get the best interest rates on and then rent out other units and/or bedrooms within your unit to pay for the mortgage and other expenses.

You’d gain tax deductions, and you’d relieve yourself or your parents of any additional work regarding reservations or repairs. 

But in the meantime you could move into your new primary residence converting it from your 1031 replacement from the sale of your current investment.

This modern home is part of Griffin Modern's mission to create affordable, high-quality residences within walking distance of downtown Griffin.

While you shouldn’t categorize all tenants and it’s the landlords responsibility to properly screen, the tenants who reside in better situated housing and pay higher rents are more financially responsible meaning lower rate of rent loss and will generally take better care of the property which combined will result in less time allocated towards management functions if self-performed or more favorable management fee structures if 3rd party management companies are utilized (which ties back to #1, as well).

I am new to real estate investment and planning to start ramping up long term rental properties in 2025, however my first two primary residences were both converted into MIL's and rented within months after closing which effectively followed the House-Hack tactic (we currently rent our furnished basement to primarily traveling nurses for 3-6 months at a time which covers 70% of our mortgage).