Long story short, any owner-occupied property loan will require the borrower to show income that the lender can determine to be stable and predictable in their good-faith effort to confirm the ability to repay. 

You should reach out to @Melissa Haworth she can get the actual numbers/rents on STRs in the area to help run your comps.Each building is different, each area is different, it is important to find accurate data to make good decisions.

If you’re interested in investing here, I’d encourage you to speak with a knowledgeable local real estate professional or lender to get accurate guidance.

Actual costs are obviously more accurate than estimates.

If your children decide to sell it (you can't predict the future), they will likely face steep capital gains tax. 

While no one can predict what the market will do in the future since I have started purchasing long term rentals rents have only gone up which has allowed my cashflow to continue to grow. 

If you’re looking for DIY options, PropStream and DealMachine can give you some lien info, but they may not always be 100% accurate or up-to-date.For Central Ohio, check with the county recorder’s office or clerk of courts for lien and judgment records.

When you have things that you do not know how bad they are until you open up pandora's box, it is hard to perfectly predict the cost.I'd be happy to have a more in-depth conversation if interested. 

What are the best sources or methods you use to accurately set rental rates in your area?

While comical - unfortunately the odds were against the dog and it was easy to predict the outcome