I'm thinking the best way to handle this is to simply ask for a monthly monetary contribution for Mom and Dad's care. 

You staying at the property will put you in a much better position to handle guest questions and also help to familiarize yourself with the area as well.  

I am curious if anyone has experienced this and any insight on how to handle.

I'd make sure you have a full service manager in that town who can handle everything for you otherwise that sounds very difficult, especially with the brutal lake winters.

When I replaced an HVAC last year, I listed it as an expense on the spreadsheet I give my CPA and let them handle it.

Are you turning over to a full-service management company that handles listings/tenant calls/maintenance/cleaning/etc.

How do you all handle this situation?

Apps such as AirDNA, Your Porter, Google Suite, Zapier, when utilized together can effectively handle the 75% leaving you to simply take up 25%. 

Briefly mentioned above, property involves legal, financial and civil issues that need to be handled in a timely and professional manner.

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