Now the situation has occurred that we need to rent the house out in order to help pay for his long term care expenses. 

Although whichever option you go with make sure you're also thinking about the long-term property value and what makes the most sense vs trying different angles now that negatively impact future resale/property values down the line. 

Better to keep rent 5-10% below market, but keep a tenant long-term.If you can handle all this, you MIGHT be ready to be a real estate mogul.Otherwise, you may want to get out of your own way and hire a PMC to manage your property better.Let us know how this goes before you continue dreaming about anything else:)

Quote from @Jake Bute: Good Afternoon,I listened to Wheelwright's podcast the other day discussing how short term rentals do not have the same rules as long-term rentals when it comes to some of the tax laws around active/passive investing.

It’s a cleaner, more reliable solution, and while the higher subscription cost can feel like a drawback, it’ll save you a lot of headaches and time in the long run.

I live in California (Central Coast) and have built a 12-door portfolio in Detroit, which has been a great market for both cash flow and long-term potential.Detroit still offers properties well below the $150k mark, with strong rent-to-price ratios and a market that’s seeing growth in key areas.

@Sebastian NadalI've used Zillow Rental Manager to screen my tenants and have found it effective.

I think holding is a great long term plan.

Depending on the state, when someone rents for a certain amount of time, usually 30 days or more, they become long term tenants in the eyes of the law, and they acquire "tenant's rights". 

The one that's short term and don't cost me a lot to initiate/originate.