It’s crucial to ensure that you’re compliant with local zoning laws and HOA regulations related to vacation rentals, as these can affect your ability to rent the property.Overall, while it can work well, especially if you're looking for income from rentals, make sure to have a clear understanding of the financing rules, potential restrictions, and the financial risks involved.

For a better estimation, find a business broker in your area.For the loan options, speak with your banker and try to get involved in local real estate groups.

This involves working backward from the final aim to determine the steps.

Thank you Jaron..really do appreciate the guidance and candor…I am probably not articulating the finer points well…my daughters are actually only the tennets…they are not involved in any of the potential decisions I am considering.  

REPS hours must be a work activity involving “any real property development, redevelopment, construction, reconstruction, acquisition, conversion, rental, operation, management, leasing, or brokerage trade or business.” 

You might find that the stock market makes you more money with less work (seems you are trying to minimize your involvement w/ the rentals). 

If your sister-in-law prefers not to be directly involved, your wife could become the sole owner of the LLC, and your sister-in-law could be given a secured interest in the home after the HELOC is obtained.Additional Considerations:You mentioned owning two other properties.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Explore WholesalingNo need to own or live in the property: Wholesaling involves finding deeply discounted properties and assigning the contract to another buyer for a fee.

If you have family get them involved...sell FB marketplace and eBay for a year and they can do that from home.