Do you have an idea of what your time horizon is for your investment plan?

I do condo plans as part of my W2, and these SF calculations can vary based on the coord with the attorney and owner as far as how the association is originally set up in its budgeting for dues.

@Ricky Sanchez One of the requirements of doing a 1031 exchange is that the tax-payer for the relinquished property has to be the same for your replacement property.

Would your parents consider selling to you or your siblings at a favorable price instead of gifting it?

If anyone has experience or tips to share, I’d really appreciate it!

Generally when sellers say "cash" it really means they do not want to deal with contingencies,  short closing period and/or do not want to deal with needed repairs. 

My main concern with this this is it's a separate asset that has to be attached to the structure.What happens when you need to have the roof replaced they're going to have to detach that thing.

After that, I'd paint and put a new kitchen in (likely do these myself, which I have done before).

I would focus on credit, consider some alternative options to "free your Benjamins" out of your home, or even consider doing a partial sale of your home to give you capital to get back at it!

Understanding your goals before buying is key to determining what type of land to buy and how to use it.