You deserved two of them for your AL stand-up routine. 

Us: We want to buy the property, fix up the (3) apartments not occupied by her parents to generate rental income.QuestionsMy thoughts are to work out a deal where we purchase the property from her parents without taking a loan from bank.

Check with your CPA, the people setting up your LLC and/or your QI. 

Who gets blamed for and/or has to handle the following unique to nonfamily roommates:1) Missing personal possessions?

Its the nature of our business. 

I know you don't want to deal with tenants and their problems, so why not either:A - Buy a NNN property where you don't have those problems, but still have cash flow,...orB - Take your $500k, and partner up with another investor where they deal with the tenants.

Rents will go up.

Mine went up as well .

The fund allows for money to come in and sometimes go out as needed.

My main goals with these initial projects are:1.Gaining valuable insights into the local market.2.Getting hands-on experience with out-of-state investing, particularly when it comes to remodels and managing from afar.3.Testing the entire BRRRR process to see if it’s the right strategy for me long-term.If all goes well, I’d love to scale up and explore multi-family projects.