As you are living in the US and might this virtual LLC office work, it could be an interesting option. 

There are more complicated strategies to maximize larger listings that involve having like multiple listings for same property and do individual room rentals when it is slower and then for larger length stays, larger groups, and more desirable dates you'd book the whole space, but I think its easier to just do two separate. 

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. 

I'm an Italian investor, and I will say that long term rental is a very risky option.

They unleashed pandemic handouts and loan programs that greased the economy (this was not well thought out, contributed to the inflationary environment we are still suffering from and PPP and ERP loans were flooded with fraudulent loans and benefits)These programs leveraged existing corporate infrastructure (banks and the government had little or no operational involvement). 

Much like @Rereloluwa Fatunmbi I got involved in Houston, too.

Explore the possibility of doing liability insurance instead, if you don't have much equity it may be your best, and much cheaper option.  

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. 

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. 

First mortgages involves loss mitigation (occupied 1st) and asset management (vacant 1st).