Better to set it up as a more equal partnership with neither of you living there.For taxes, you MUST find a good, real-estate knowledgeable accountant and discuss the details with him.  

It is not a community property state, so you can set up an LLC with yourself as the sole member, but need to make sure in a will, the property clearly passes to your children should something happen to you.  

Once you've done that, then consider investing. 

Obviously the more turn key, the lest you have to consider maintenance and cap ex.

My favorite book for a beginner is "Set For Life" by Scott Trench.

I wouldn’t consider this.  

They can also manage the listing on various vacation rental platforms.Control Over Occupancy: The management firm will operate within the guidelines you set regarding the rental periods and occupancy.

I did consider it but wasn’t sure if I wanted to deal with it.

Hi @Henry Zhu, did you find a home to set as a MTR?

But, if the bid seems absurdly high, I tell them "your bid is simply way too high for me to consider.