But the kicker is that the house has a market value of closer to $750,000 - $800,000.  

Adding additional assets, a familiar market, buying a house "for free" as I call it, and gaining experience with lower level of risk How did you find this deal and how did you negotiate it?

I think they don't like the idea of Johnny the wholesaler convincing grandma to sell her house for $150K (when it's really worth $300k), and then turning around and selling the contract for it to make an obscene amount of money relative to the work performed, all at grandma's expense.

MatthiasGreater Salisbury Maryland Area*Primary in purpose but certainly made into another income stream, seasonal STR or as a house hack.

I have a brand new house with a year of builder warranty, and so full property management might be overkill at this point.

It's a 3/2 , 1,680sqft house in Braselton with a finished basement (2 bedrooms, den) and a recently converted garage.

My Father has been renting us a house in OBX every summer since I was a kid and were both pretty affluent now and I'm floating the idea of us going in together on an Oceanfront somewhere in OBX that we can use a few weeks a year and have it pay for itself via rentals the rest of the year. 

Would it be smart for us save 10% to 15% percent for our new primary, then rent out this house.

It's not investment, and it's certainly riskier, but it's not some absurd concept.Leasing an item to use in business is pretty standard.I don't see why leasing an apartment or house to use as a short term rental is any crazier than renting a crane and using it in construction.

I recommend you print, study, and highlight the HUD guide: https://www.hud.gov/sites/dfiles/PA/documents/HUDAsstAnimalN...You should also check with a local HUD office to see if they have any additional guidance they can provide you.Keep in mind, not everyone is subject to Fair Housing requirements and you may be exempt from allowing the ESA!