If anyone has done this with their children or parents I would love to hear how you got started and what lessons you learned!

You are opening yourself up to tenant resentment and tons of financial liability if you fail to take action, take wrong action, or take the correct action against the wrong person.A strike system like you are proposing works great... on you children.

We have two adult children (who reside in PA and NC) and therefore would like to have a home with at least 3 bedrooms for when they come to visit us.Although we can afford to purchase the house outright, our children, who are very interested in getting involved with investment properties, have suggested that we consider a property that we can AIRBNB/VRBO the home when we are not there (basically the summer months).We could purchase the home outright and keep our current funds invested in the market since the mortgage rates are so low. 

I lived in the house ,raised 3 great children and initially didn't want to sell the house my children grew up in.

Would you send your spouse or children (assuming the children are old enough) there in the dark?  

Not sure if you have any children, but those two are great towns with great school systems akin to Farmington and Avon.Best of luck Andy!

I don't mind not having the deed until its all paid but would like the deal to be protected from the following1) owner backing out in the future (especially after all the home improvements and payments)2) Relatives claiming the property if the owner dies (no children, no spouse but does have a sister and knees) What documents can we create to protect not only the owner's interest but also our own investment?

Thanks BP for all the inspiration! 

I know that our local CREIANC is the place to go for investors, but having small children and a close family member who would be greatly affected by COVID, I haven't made it to a single meeting and, to be honest, won't anytime soon. 

Most of my units are 1 bedrooms, which tends to lead to tenants with no children, in fact HUD guidelines allow for requiring a max of 2 occupants per bedroom, therefore only an adult couple, or single parent with 1 child.