My biggest concern is a 6 month vacancy during the summer.

There are exceptions when the IRA uses mortgage financing or for certain types of real estate transactions that are businesses as opposed to passive earnings (i.e. flipping houses).IRS rules that accompany the tax-sheltered status of the IRA prohibit you and close family from personally benefiting from the IRA - other than by growing your retirement savings. 

(Post should be viewed as theoretical and does not necessarily reflect our true financial situationYes college education fund does count as parent’s asset when determining the financial aid but that would be a concern low earners.Looks like you are already a high earner and every other asset will actually put you above the threshold before college education fund makes you disqualified.Most likely your kid is going to get a subsidized financial aid where he will incur interest right away.

Also, there could be a concern if you ever have to evict a tenant because in some states a tenant could delay an eviction by depositing any amount of money in your account, and if they had your account number you may not be able to stop them from making that deposit. 

If your concerns are roaches and mice, you should consider having a pest control company on contract and raising their rent upon renewal to cover the cost.  

Personally, I would be concerned that a Heir without any ties to stepmom would "fall in line" with the deal even if they are located 

I know that the numbers aren't yet staggering, but is this trend of concern to you? 

My major concerns are cash flow and if my tenants will fork over $200+ per month for electric pre-replacement (i.e. high tenant turnover- I figured 30 days out of the year vacancy which I was told was ridiculously high here but, it makes me feel better).Has anyone had a similar experience to me and your analysis shake out okay in the long run? 

My major concerns are cash flow and if my tenants will fork over $200+ per month for electric pre-replacement (i.e. high tenant turnover- I figured 30 days out of the year vacancy which I was told was ridiculously high here but, it makes me feel better).Has anyone had a similar experience to me and your analysis shake out okay in the long run?

Often times, they actually take away from your settlement because they could not negotiate a large enough settlement from the insurance carrier, but you still owe them your fee.Give your insurance carrier and adjuster an opportunity to meet with you, explain the claims process, and address your concerns.