And, they have shown solid returns, when I include the Cash flow, appreciation and mortgage payd-own.So if you are patient, long-term, and are able to absorb some bumps in the road (financial and emotional) , you may have a good plan.  

Keep rational and don't get emotional.

I suspect that you and the family are still emotionally attached to the old homestead and you are wondering if you should keep it - do a business Bed and Breakfast - or take the cash and give up your attachment to the old place ----- well ---- only you can answer those questions ---What would you do with the cash - pay bills - invest - savings - vacation - give most of it to the church -?

I think that latter bit about retail owner occupant buyers using 30YF Fannie loans being able to buy it is why a lot of investors don't talk about this -- they want to be the only game in town, not competing with buyers allowing emotion and desire to live in the home get involved. 

Think of everything that can go wrong and discuss it now while you are in honeymoon phase so if it does hit the fan, you have already had the plan and not creating a plan when emotions are high.

I think the problem with a lot of this debate is there's a lot of emotions involved with people trying to justify their proffesion or they have had a bad experience before. 1) I like how you conduct your business.

There are no emotions in business just numbers.

Its an incredibly hard, emotional, fearful process. 

Doubtless of your personal experience, after 18 years as a Broker, Investor, and Realtor®, I can assure you... when you generate, you won't have to tolerate the nonsensical, emotional, idiotic Seller.Have a Powerful Sales Day!

Basically think through everything that could go wrong and plan accordingly with legal documents so that you are covered if/when things go south and you can keep most of the emotion out of the deal when emotions are running high.