The prior owner's mortgage company "secured the property", even though we closed a week ago.

I compare that to people I know that are successful in their jobs but just can't get over the fear of the unknown to become real estate investors.There are well known people that did not go through college education to be successful, but there are also a large number of others that did not help themselves by lacking one.

I know this because we regularly price shop and compare with our competition. 

Then compare the two to see if the deal is a good deal. 

I usually don't like taking on prior tenants but the numbers work well.  

I understand the mortgage rates are lower for second home compared to investment property.If I decide to rent this property in the future for any reasons (airbnb or leased), is that illegal?

Hi, I inherited a 1 family home, where I had been living for more than 10 years, I did not pay rent prior to inheriting, continued to live in after inheriting, no interruption.Got the deed 1.5 years ago after probate procedures , but inherited it 3years ago as a matter of state law the title of the property passes on to the heir upon the descendent’s death.For the last two years it has been owner occupied rental 50% of the property several rooms, it is a small mansion.

This forces us to make sure everything is in tip top shape prior to the city inspectors.

Great foundation, but will not compare to real world experience.

First, Rentometer is great for a ball-park figure, but it doesn't take into account a lot of information on the house (type [SF vs. duplex], square footage, condition, finishings, etc.)I would recommend reviewing rental listings on Zillow/Craigslist that are comparable to your in-laws house so you can get a better idea of what rents would be.