The cons as i see it include loosing the 2 of 5 year cap gain exception, typically not an ideal rental because the emphasis at purchase was buying a good home for your family and not a rental with optimal return (my ex-home consistently has the lowest cash flow for equity in my RE portfolio), not disconnected enough from the property causes addition angst on damage and may result in over improvement.  

Additionally I would add a benefit for you is that you're in great area to be able to invest locally and can invest in your own back yard as they say.

For example if they leave in the winter, I need to ensure the pipes don’t freeze.

On the positive side, it seems like you have a good potential BRRRR that you can use to purchase additional properties.

By setting appropriate expectations, we can ensure a smooth and successful investment journey.When it comes to syndications, there are unique challenges in exiting or restructuring investments due to diverse investor expectations.

Are you saying the current property being exchanged has a debt of $200k and you need an additional $200k to purchase the new property? 

Ensure the rents and expenses support the debt service and provide solid cash flow after covering the assumable loan, seller carry payments, and operating costs.Occupancy & Rent Roll: What’s the current occupancy rate?

I'll look into VRBO as an additional platform as well, thank you!

I know they’re an essential tool for analyzing a property’s financial performance, but I want to ensure I’m approaching them correctly.Could anyone share examples of what a good T-12 looks like or highlight key items I should make sure are always included?

In addition, I presented his was not the usual use case because he was unleveraged.