We do long-term rentals and practice BRRRR on every deal.

We put our first home on the market for rent $1450.00 and right away, not even a week my realtor found some potential tenants.

If I have a potential tenant that I like then I work with them. 

Quote from @Ashish Acharya: @Sanjai Dayal If your LLC owns the commercial building and leases space to your medical practice LLC, it’s essential to charge rent at fair market value (FMV) to avoid IRS scrutiny.

Quote from @Anthony Sigala: I am seeking a loan on a LTR that has a rent to value of 1.3% with the potential of 2%. 30 year amortization or interest only.

The investors get much more profit out of the property.Recommend having a very open conversation with your FIL, expressing your interest in potentially taking over the property from him.

Off grid sounds cool to some, but it really limits your potential guest pool.

Are there any guidelines or best practices (ie: rewiring such a property would be more valuable than updating insulation).Is it something you need to ask the insurance company about to get, or is all this determined in the initial interview with the potential insurer?

Avoiding errors and being educated on the laws can save time, money, and potential legal challenges.

Educate yourself with resources like The House Hacking Strategy and practice analyzing deals using tools like BiggerPockets calculators.