If I get a returned check I require a money order or secured payment or an electronic payment after that.

@Justin Ward To be considered by IRS as a short-term rental and get the tax benefits you must meet the following requirements (defined by Treasury Regulation Sec. 1.469-1T(e)(3)(ii)(A))The average period of customer use is 7 days or lessThe average period of customer use is 30 days or less.

there would be no down payment required because of how much equity is in the household, correct?

I have checked the property management laws for the state of Kansas and they do not require a real estate broker license or a property management license for residential properties.My question for the BP community is this: what is a fair amount to charge to manage the property for my family members?

You may want to structure this as an LP or JV type of a relationship if you require another investor to take care of the down payment.

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I have looked into some of the things these tenants require.

As your second response aptly states that it's hard to find a true 7% cap and most require 20% down to breakeven. 

Conventional requires 12 months title seasoning but DSCR and DF allow for cash out refinance no wait same month.They will use the purchase price as the "Appraised value" but you can add in receipts for any renovations and repairs.

I already filed the license application with the state, but read somewhere that hillsborough also requires you to apply for some sort of tax ID.