The second son is married but has not lived in the home at any point during the last 20 years so this doesn't seem to present any options for savings.I thank everyone in advance for your thoughts. 

House hacking is probably your best option.

So brainstorm the different options then pull the trigger!

If this was true we would all be buying options, swaps, and other derivatives.

Here is a link that provides fantastic information on the turnkey investing option from BP. 

If that doesn’t work, then on to another option.

Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option. 

A good lender should be able to piece together a strategy with you, whether that's cross collateralizing or not, underwrite each option with conservative numbers. 

What I don't like is seeing the removal of peoples options and freedoms to self select and engage in what they want to do. 

My budget will be around $200k but I’m meeting with a lender on Tuesday to go over all of my options.