We are 4 months into it, so it’s still relatively new for us, but we both enjoy being hosts and the income has been solid.

I would think of this problem differently: I might encourage them to explore ADUs... this would give them an additional stream of income and would likely only require a relatively small chunk of money in their savings (relative to the total cost).If they could partner with someone that has experience building and/or flipping (to qualify for the construction loan), then cash them out with a 30-yr DSCR loan (and use that as the builder's profit), then they could rent the property and enjoy the cash-flow.

Steven, thanks enjoyed the post.

4 doors if managed right can make you, $350,000 over 2-4 years. 2 doors  maybe  $200,000 in 2-3 years.Little gamble. 

I earn much higher returns than I ever did as a rental investor, and don't have to lift a finger after the initial vetting discussion.That said, some investors really do enjoy building a side hustle business around real estate.

First, that's what you can afford, secondly your new and you have no idea what the roller coaster feels like yet so sitting in front raising your hands on the big drops and enjoying it may not be the case. 

STR you personally can enjoy the property too2.

I told him I'd gamble that there's no one who even knows that restriction exists to enforce even if an heir lived in the area...the way to legally eliminate them is either get the beneficiary to record a new document (possibly a QC deed) to eliminate their restrictions, or pursue a Quiet Title if you think the person is no longer around or their heirs are not identifiable. 

It's more gambling than anything else.

The community has great UTV trails, so bought a Mule (not that expensive and built like a tank) to enjoy the trails.