However I think the real benefit is being able to keep an eye on your kids while you cook and/or watch some mindless entertainment, and also be able to communicate with your family while also doing kitchen tasks. 

While Section 8 offers benefits like guaranteed rental income and a larger pool of prospective tenants, there are administrative requirements and potential differences in payment expectations to navigate.Before making a decision, conduct thorough tenant screenings to ensure tenants meet your rental criteria beyond their Section 8 status.

To us, we like the benefit of having tenants there so we can have rents to help qualify for the loan for buying the place, and if we occasionally have to deal with a crummy one, that's just part of the business.

The benefit will probably out weigh what you missed doing it yourself.  

Here’s how you can simplify the process and achieve your goals, while also exploring financing options that could benefit both Cousin A and Cousin B.Tenants in Common Agreement: While Cousin A and Cousin B will technically need to report rental income and expenses according to their ownership shares, a well-structured Tenants in Common (TIC) agreement can outline how they handle income and expenses.

The 1031 exchange allows you to leverage the deferred tax for your benefit.

So, each employee gets $53 an hour in wages/benefits. 

You may find some benefits you may not have concerded. 

Is there any benefit of forming an LLC to put the investment property in? 

A trust may offer some of the same benefits as an LLC, depending on your goals, and allowing you to claim the part of the house you live in as homesteaded tax.Make sure you have the right home insurance and consider an umbrella policy for extra protection.Certainly buying a house, using conventional financing with limited money down as a primary residence and renting out parts of the house to help pay the mortgage, is a smart financial move.