There are so many opportunities in RE even with the challenges in residential market (which pale compared to office space RE).I believe in general rents lag property values.  

Quote from @Michael Paling: I've got nothing to contribute for STR advice, but I'm curious what town you're looking to buy in.

And while each of these is a potentially large expense, they pale in comparison to your biggest financial risk: A judgement against you for gross negligence.  

You mentioned they have kids, so they probably used a diaper pale before which is more or less the same concept as putting tp in a trash can.

Quote from @Michael Paling: Have you chatted with anyone local to your area about what's the best place to post?

I learned a ton of information in my four years at the Colorado State University school of Veterinary Medicine, but it pales to the practical and applicable information I gained with boots on the ground working with older and more experienced veterinarians on a daily basis. 

There are county taxes but they pale in comparison to your municipal and state taxes.  

The modern color today is a pale grey.

That just leaves the walls... if they're in good shape after removing the wallpaper, consider a soft pale color--maybe something out of the floor mosaics--to relieve the antiseptic white a bit.

I cant add a picture with my tablet but think of the above picture and instead of flanking the fireplace with gray cabinets, mine is flanked with a golden orange wall and the mantel is pale gold.