We’ve got one big player that probably has at least 600 units with their own rental office and full time maintenance crew.

I am very familiar with investing in your backyard, and am down there several times a week, and let me tell you, you are close to some great opportunities!

@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. 

I don't have any real world experience at this time so I won't pretend to know, but I will be following and learning along with you. 

Did your discount make it worth your time to buy it anyways? 

And the second was that it was in a flood zone with the listing agent and seller saying it had never flooded but we were able to get confirmation that it had taken on water at least 3 times in the past year and the insurance agent for the property stated that with the flood insurance the premium would be close to $11,000 annually which meant the list price had to drop from $339,000 to less than $239,000 to make anything work.

(make sure you are budgeting for maintenance and management if you plan to use it) Rent will increase over time and your property will continue to appreciate in value. 

I dont have 50 props as I dont count inventory that we own which is 150 to 200 properties at anyone time.

Too many investors waste time chasing bad deals, overpaying, or relying on outdated strategies. 

Would love to hear thoughts from experienced investors—does this approach make sense for a first-time real estate deal?