You can allocate any tax benefit, I'd say you can do it, just be very clear about the allocation in your agreement. 

Live frugal during these years and reap the benefits when you graduate.Then start looking at which specific strategy in RE investing you want to do and then study your rear off in that and make more connections (along with the ones you already made in college.Good luck.

In areas with no competition, you only get the per visit benefit, but those areas often have really low grosses, so it matters more. 

They do have some restrictions like using a certified contractor and sometimes needing a “renovation consultant” but the benefits still probably outweigh the costs especially if you already found out you can’t handle the renovation yourself.

It helps with lower down payments, among the other benefits that it has.

Alternatively, you can benefit from seller financing at better conditions.

Another risk especially given as you say this home is in need of major work - the tenant could start filing complaints against the home's conditions as soon as it is sold -  which would put the brakes on any removal process AND force you to make updates to the home for their benefit, or force you to pay fines and pay their moving costs.   

Single family homes with above median rents.The often quoted benefits of MF really come into play with larger projects, say 50 or 80 doors and more.

My inlaws have taken interest in our real estate investing and would like to invest for both of our benefits.

I'm wondering if there's any benefit of pulling a majority from 1 (namely 401k) for tax and fee purposes vs the others or if I should minimize the loan from my 401k at all costs.