This isn't ideal if you have kids and a family.

We did buy the basic indoor system for our primary residence and use it everyday.

Basically I see that you have paid closing costs twice to take a property you own and in the end still own it now with a 135K mortgage.

LCC as a basic pass through and limited partnerships depending on equity arrangements and profit share of the parties add that extra level of flexibility and not needing to split potential individual partner costs or liabilities.  

Basically 75% of the current or appraised rents (whichever is lower) has to cover 100% of the mortgage.

Most homeowners shift to winter rentals during those months to keep some cash flow.If you’re planning to use the property yourself for two weeks in the summer, it’s important to keep in mind that it will take away a significant chunk of prime revenue, which will make it harder to break even or generate solid income.If year-round traffic is a key factor for you, you might want to look into areas down south or near a National Park, but with the right property and strategy, Cape Cod can still be a good investment—especially if you’re looking to have something to enjoy and eventually leave to your kids. 

We had our contract---basic lease and option contracts.

I got my real estate license in my late 20's, kept updated on continuing education, but only activated the license after all my kids started school. 

Is it specific to STRs or just a basic commercial policy?

And it often is not on the top of lists for parents to pass on to their kids anymore.