There is a lot of material on the topic. 

Son and daughter manage the properties.

If you need the interest only payment period to get a property stabilized, that is pretty typical in bridge loans for larger multifamily properties, but that is going into the property with the expectation you are going to be doing some substantial work to increase the cash flows accordingly, versus buying a property that has been relatively well taken care of and good property management in place.

I have read a ton of the posts on here to pick up some recommendations and advice for managing class C/D properties but always open to more wisdom from my fellow investors!

In that case, I would lose my original option fee, money put into repairs, and any work/time I put into the property or managing tenants.

Get in touch with local real estate professionals like agents, property managers, and investors, and come up with a clear plan for managing your properties, handling maintenance tasks, and addressing any potential problems with tenants from a distance.

We (my wife and I) own and self manage short and mid term rentals.

Since this is not an actively managed property, you're unable to take the deduction against your W2 (or other) income in the current year.

Additionally, evaluating your finances, searching for properties that meet Section 8 requirements, negotiating with sellers, preparing for Section 8 inspections, applying for Section 8 approval, and effectively managing your property are all crucial steps.

I'm particularly interested in areas that haven't yet experienced a real estate boom but are on the cusp of growth.Additionally, I'm looking at options for managing these properties.