Just because someone has two children does not obligate you to ignore credit and job security issues.  

Check with your HOA if you have one and look to see if your local government has any restrictions.You will likely have to invest $10-20K in furniture before you can start renting your home out on Airbnb.

I've attached one link.From a lender's perspective, it's much more of a pain to do the parent and then children LLC's because we need the entity documents for all of themmost lenders require the LLC to be specific to their transactionyou'll need to keep the funds separated and many times, the LLC doesn't have the assets for reservesthe filing fees for each entity can become onerous and if the property is in a different state, you'll need to provide the foreign entity registration as well as the certificate of good standing in each state   Instead of setting up all of these different LLC's etc..., until you get to a point where you can no longer use Fannie Mae and Freddie Mac financing, get a good umbrella liability policy so you can enjoy the more favorable financing.https://www.biggerpockets.com/renewsblog/the-tradi...

I know that logically, I should just let the lease end, and find a tenant that I get to pick myself...but, I also know tenant and her 3 children were previously at a homeless shelter, and likely have no where to go. 

As far as 1 & 2 go my wife is pregnant and we have almost 3 children and I am not wanting to put that type of stress on my wife with a move.

Unrelated occupants are different. if you do some research at the fort Collins you plus two policy, it was developed because multiple unrelated people would rent homes in a residential area and it cause problems. for example a 3-bedroom 2-bath home would normally be occupied by a family of 6 people: two adults and four children.

If there were small children It would be an absolute to have a surrounding mesh fence.

I’d love to own Real Estate in my area that I could pass down to my children and learn what it takes to be good with growing generational wealth and providing a nice place for people to live but I have limited knowledge and money at this point...

I’d love to own Real Estate in my area that I could pass down to my children and learn what it takes to be good with growing generational wealth and providing a nice place for people to live but I have limited knowledge and money at this point...

My wife and I have five children and we have no idea (grace?)