Have you considered creative financing options like joint ventures or seller financing to reduce reliance on outside capital?

Well that's time interest and energy, but I was referring to the Windsor knot 😀

Found T&H realty services to be pretty interesting as they provide both buyer brokerage service (to help me find deals) as well as do property management i.e. they are not full turnkey provider necessarily, but reduces some of the hassle for me I guess as an out of state investor. 

That's just wasting time and energy right now. 

Smart thermostats, in particular, can help you monitor energy use and lower costs between stays.I hope everyone’s experiences and perspectives help guide you as you start this journey!

The owners refused my advice to reduce price and they both sat vacant for months.

I like this idea because it reduces the potential vacancy I could have by doing a short 3- to 4-month lease that ends in April or May, then starting over with a year lease.

Are you able to reduce your expenses quickly and easily if needed?

You won't find a deal where you live for free, but if you can live in a great neighborhood at a reduced cost of living that is a nearly risk free way to get started in real estate. 

Using seller financing allows your in-laws to spread their $217K capital gain over time, reducing their immediate tax burden and helping you conserve cash.