I would be happy to share my contacts! 

I’ve managed my fair share of properties, and the number one way I’ve gotten property management clients is by helping them solve a problem.

@Martin Manning To add onto what others have shared, in the most simplistic terms, apartment complex values are based on Net Operating Income, or NOI, and the cap rate.Price = NOI / Cap RateSo, if an apartment complex has an NOI of $100,000 and a market cap rate of 10%, the value is $1,000,000.Listing agents for complexes love to price based on a pro-forma, which is utter nonsense (unless you're in Austin, in which case apartment complexes apparently have floors made of gold).

I figured this could possibly put me in a good position for a cash-out refinance when I’m ready to move on to a second property.If I stick within my budget, Philadelphia seems to offer the most housing availability, but I’m concerned about most houses available being in rougher neighborhoods.

Would a low enough sales price make all of my concerns go away?

Later, you could refinance, pay off the sister’s share, and potentially renovate further to add value.The big questions seem to be how to handle the mortgage so the parents aren’t stuck paying rent and whether setting up a trust or another legal structure makes sense for passing ownership smoothly.

Any updates to share?

Quote from @Shaun Ortiz: @Dominic MazzarellaThanks for sharing your process, Dominic!

Have a proforma for calculating your returns I can share as well.

@Courtney DuongSomeone on BO actually shared their spread sheet with me and it has been super helpful.