Thank you all once again for your time and discussion.

Actually checked 3 houses and they were all disasters. 

This all depends on the property.

Here's the deal:Purchase Price (PP): $95kRenovation Budget (via HML): $60kTotal All-In Cost: $155kARV (After Repair Value): Around $200kRefinance (via DSCR Loan): 7% interest, 30-year fixedRefinance Details:After the refi, I will pay back the Hard Money Loan (HML) at 11.95% with 3 points:HML: $60,000Interest/fees: $3,585Other costs: $1,800Total to pay back HML: $65,385After the refi, I will have $84,615 left in cash.Cash Flow & Expenses:Expected Rent Income: $1,700/monthProperty Management (PM): $126/monthInsurance: $100/monthTaxes: $126/monthMortgage: $1,043.75/monthTotal Expenses: $1,395.75/monthSo my monthly cash flow is about:$1,700 - $1,395.75 = $304.25/month in cash flow.Return on Investment:Cash Invested After Refi: About $18,385 (after paying off HML and closing costs).Annual Cash Flow: $304.25 * 12 = $3,651Cash-on-Cash Return (CoC): $3,651 / $18,385 = 19.8%I didn’t account for maintenance costs since it’s a full gut rehab, and everything is brand new.

In all seriousness, if this is the start of a budding STR business for you, your parents should understand. 

I would get with the city asap and find out all the details on this.It could be possible that if the LLC changes hands that it loses it's exemption.

I picked up the BRRRR method book and feeling confident in setting it all up (we did a similar process for our Airbnbs).  

Those were the situations where I was looking for ways to make it work.Don’t come out the gate haggling, or even discussing the terms at all.

If the IRA owns the property outright that is all moot.

Now were all standing on a field with cricket bat's and starring at some wickets wondering what the hell is a wicket.....