@Shelby WillittsMy first two rental property investments were because 3 of my 4 children went out of state for college.

Things you are responsible with an Airbnb, which you likely are not paying as a long term rental: utilities, landscaping, furniture, sheets and towels, toilet paper, paper towels, coffee, soap and shampoo, detergent for laundering your linens, cleaning supplies for cleaner, etc.

She basically never has anything good to say about anyone, including her own children.

He is a currently furniture designer and builder.

Being able to renovate decorate and furniture in ways that are both more liked than average and cheaper.

Was kicked out of his house at 17(STEP DAD WAS A DRUNK) hitch hiked to Wyoming and met my Mom and got  married with three kids by 20 and had a house, truck, furniture, and all debt paid off at age 23.He removed some buildings and houses off of a property that needed to be vacant and was the low bid to do in in Evanston, Wyoming.

If anyone has done this with their children or parents I would love to hear how you got started and what lessons you learned!

You are opening yourself up to tenant resentment and tons of financial liability if you fail to take action, take wrong action, or take the correct action against the wrong person.A strike system like you are proposing works great... on you children.

We have two adult children (who reside in PA and NC) and therefore would like to have a home with at least 3 bedrooms for when they come to visit us.Although we can afford to purchase the house outright, our children, who are very interested in getting involved with investment properties, have suggested that we consider a property that we can AIRBNB/VRBO the home when we are not there (basically the summer months).We could purchase the home outright and keep our current funds invested in the market since the mortgage rates are so low. 

I lived in the house ,raised 3 great children and initially didn't want to sell the house my children grew up in.