In terms of structuring the deal you can do it however you want as long as it is legal, ethical and agreed upon by both parties.

And is it something you see yourself sticking with long-term, or do you plan on exploring other asset classes?

I wanted to ask advice of some of you who have a lot of experience in long-term rentals. 

We do our best to build long term relationships with clients.

would get estimates and see how long to recover the money and your long term plan for the property

We'll be househacking and renting out the other side for about a year to satisfy the terms of our mortgage. 

Texas is a great option, consider San Antonio or Houston for strong cash flow, DFW or Austin suburbs for appreciation, or Corpus Christi for short-term rental potential.

Data point: we have a long-term rental in a popular STR neighborhood listed through Zillow right now.Every person who writes asking to do some sort of arbitrage is blocked by the Zillow platform.I don't even have to say "no thank you anymore."  

Renting it out long-term gives us a $3500to 4000 monthly, we could  rent out one bedroom to a nurse and the other to our daughter but still would be a negative.

Keep it simple, transparent, and aligned with your long-term goals.