Renting the PropertyIf your parents rent out the home, they have multiple income-generating opportunities: Renting As-Is: A 4-bed/2.5-bath home in a desirable area could command a high rental rate, likely around $2,500–$3,500/month, depending on local market conditions.

Find a local one.  

Starting with the Right PropertyGiven that this is your first STR and you’re planning to manage remotely, I’d suggest focusing on a market with a strong local infrastructure for short-term rentals—like Panama City Beach or Destin.

You’d need to check the local laws to see what counts.Tenant Violations: If they’re breaking lease terms—like not paying rent or subletting—you might have grounds to evict.

Connecting with local contractors or experienced investors in your area is also very helpful for getting accurate numbers.For ARV you’ll want to look at comps; You can start on Zillow or Realtor.com but I highly suggest connecting with a local agent.

We put together multifamily deals locally, and also run a monthly meetup group.

Whether you're a local or considering investing from out of state, I believe Albuquerque has some unique opportunities, but as always, there are factors to consider.1.

If it a zoom group, local group or "one on one".

It seems you and your husband have the ability to make a property more desirable and I would try to stay local for the same reasons you listed. 

I would get on the phone with a local lender through a local bank.