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.

If you sold this property would you buy something in Arizona or would you continue to look for properties out of state? 

Your decision to lease this property for short periods is what makes this a short term rental property, not the property itself.

Dave Meyer shared an informative video today [How to Find Your Perfect First Rental Property (The “Buy Box”)], outlining helpful structure for you to add clarity for your deal.

Quote from @Simon Girmay: Hi Everyone,New to investing as I don't have any properties under my belt yet, but the goal is to have something by the middle of 2025.

Plus, if the property is in a desirable location, you may have little trouble finding tenants.However, there are potential cons to be mindful of.

Found T&H realty services to be pretty interesting as they provide both buyer brokerage service (to help me find deals) as well as do property management i.e. they are not full turnkey provider necessarily, but reduces some of the hassle for me I guess as an out of state investor. 

New Jersey property management is pretty bad overall.

We now live in Arizona and I frequently fly back to the southeast to repair or inspect the properties and already deduct the travel, lodging, and half of the meal expenses from my taxes. 

You will get killed on the C and D properties which are usually the majority of most properties handled by a metro PM company.