You've got another ~$80k to go until you max that out since you are single.So, I guess what is the effective opportunity cost for your $300k? 

@Dave Hart, costs and taxes may sound like a valid reason to raise rent and probably makes sense if you mention rising costs to a tenant but in reality they have nothing directly to do with whether you should raise rent or by how much.

Is there any other formal arrangement because the way you wrote it sounds like your wife and her father are 50/50

@Anthony Theokary, there are plenty of reasons to self perform but the reasons you outlined are not sound reasons in my oppinion.

It sounds like you're slowly flipping this property?

Sounds like the best option is to sell this one.If you move out this summer, you're not going to get the owner occupant tax savings like you would if you hold out for the 2-year mark.

That sounds extreme unless you are the GP of multiple large syndications or own tons of doors. 

That's why with new construction it is more cost effective to tear down an existing home.3.

If this was a standard rental process then yes, I'd recommend going through the process of applications/screening steps, a background check, and then require the deposit; since it sounds like the house is being rented to transient workers though, the very nature of the work situation calls for a bit more flexibility on the renting end. 

It sounds like you've got a complex situation with your small syndications.