How did you find this deal and how did you negotiate it?

I love Pipedrive and it's aesthetics and how simple it is to use.

There are multiple potential strategies it's just really going to depend on your personal situation. 

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.You need to get a firm grasp on two things: the ways to make money with real estate, and how to find deals that match your goals.P.S.

I would be planning to do some things before actually making an investment.

@Bradley Buxton makes a very good point to make sure to do your due diligence as you won't be an owner occupant like your in-laws.Last bit of advice: Because this is a friendly deal, you want to take your time to make sure you structure it in a way that maximizes tax and cashflow benefits for both parties. 

What I am saying is the tax bill for you could be wildly different depending on how long your partner has owned this property and how much depreciation they have taken.  

@Jordan Brown, I agree with @Joe Homs, if you can make the numbers work, then go for it.

Bumped mortgage from $170k to $370k.  

Any recommendations on how many rental properties per LLC?