Family goals: We are a family of 4 (2 kids), living in CA.

This is a great place to raise kids. 

All that aside I'd do it, especially the part about including your kid and exposing them to the experience and related tasks.

Like families with three kids or two teens who refuse to share a full/queen. 

NO kidding way over thought and over kill.. a landlord with proper insurance and takes care of their property ( not a slum lord) has extremely low liability issues.. disputes with tenants is generally over deposits and when you go to evict them..

.), travel costs (related tobusiness), kids (income shifting by payingthem to work for you, meaning business related), membership, conferences &education, meal expenses for business, retirement strategies (selfdirected investing, tax-free or tax deducted, 401K/IRA)depreciation Pro-active Planning / Get a taxadviser Talk to your tax adviser inadvance Fire OutOrganize expenses, listquestions, changes (buy, sell, etc. properties.)Changing entity type from LLC toS-Corp etc.

(Just kidding)4.

It would be ideal - throw in an Orlando property, so you can take the kids to Disney once a year :) Belize, Mexico, Costa Rica.

But very active little kids. 

I would definitely consider house hacking again but since we just bought out dream little piece of land to park our movable tiny house its definitely not my first thought.