Then, I would create a state-specific lease with addendums that cover major issues (i.e. rent payments, pets, etc.). 

You need a strong operating agreement that covers all contingencies. 

I will probably have to increase my money up front to cover additional rehab costs.  

Instead of helping me with the sale, I was able to negotiate an added stipend which covered my mortgage.

and use the rent it is pulling to cover those monthly payments.Wondering if there are any other options out there I am blanking on...Any help is appreciated!

The more responsible siblings have even more recently taken over management from the less responsible siblings, as they try to bring things back into order after a rough couple years.They've provided me some initial number that cover their year until Nov 30, 2017.

The more units the better your chance that the rent checks will cover your debt payment and you might not have to pay any rent.Save as much as you can. 

This is heavy, labor intensive work, even though it's not incredibly complicated.

So far it's been working great...covers my monthly nut so basically living for free.Right now I have about $360k left at 4.3%I have about $170k in cashWas thinking to use some of the cash to either invest or perhaps pay down some of the mortgageBut...this sweet house for $650k came on the market - it also has a main living area and a carport that can be rented out for $1500/mo or so.So I'm thinking if I deploy 20% into that I can live in the 2nd house and the cashflow from the other house + side rental should cover it all.Do you think this is a good idea or given how hot the market it is would it be safer to just pay down the first mortgage first?

@Dave Bopp - at that point they would be considered a holdover tenant and your lease should cover that.