Some examples:Section 8 typically covers 80% of the rent (depending on tenant income), with tenants responsible for the remaining 20%.

Thank you for your response!

Thank you for your response!

Put language in your lease about use of the screen for all fires.I always made it the tenant's responsibility to have the chimney cleaned at least once per year for the built in fireplaces and twice per year for the store bought types as they have smaller chimney piping.  

Are you doing the interior TI build out or are you just building the shells and the future tenants will be responsible for building out their units as needed? 

My response will focus on your option #3 "Continuing to rent where we live, and buy a separate property to rent out"A while back I lived in rental property but owned rentals in another state.

Quote from @Bob Asad: Thanks for the detailed response.

It's not your responsibility to figure out what's best for your tenants.

Thank you for the informative responses!

Thank you all for your responses.