How might I leverage friends, family, or folks' inheritance?

[Jonathan Vince]

Would love for some creative and knowledgeable folks to engage with this scenario and brainstorm any potential solutions. In other words, please take a look at the "ingredients" below and help me figure out what different options might be cooked up:

A husband, wife, and their 2 young children currently renting an apt. in SoCal want to:

1. own, or co-own a duplex, triplex, or quadplex somewhere in the San Gabriel, San Fernando, or Santa Clarita Valley (and if not that, then they'd like to at least stay in LA County). They would live in one of the units.

Or

2. purchase an investment property (that they won't live in). If in CA, then probably some place like Bakersfield or Fresno. If out of state, then probably TN, GA, or other affordable market.

Some stats on their situation:

*Neither have previously owned a home

*She: W2 part-time; He: self-employed

*Combined income very low. Don't prequalify for anything in the area, but have excellent credit score

*Together they have more than $100K in savings

*His parents are also looking to buy in the area. They are seniors with very little income other than social security. However, they have more than $500K in inheritance money, and are eligible for a reverse mortgage. Their pre-qual has them looking at properties below $800K.

*His parents are excited at the idea of co-purchasing a duplex, triplex, or quadplex and living in it with them (at whatever arrangement would make sense).

*On the wife's side, her father has had decent success in the past from buying and selling several properties in the LA area, and he is willing to partner financially (or even just give a loan) on an investment property.

*The husband has some friends and contacts who have invested successfully as landlords, and who would like to partner with him on potential deals. One of them has plenty of capital, and wants to work with him on finding a property "to buy low and sell high."