The reason I'm investing in Toledo is because I know the area, have some friends and family there to help if needed and the cost of entry is minimal. 

Hi Isaac,Personally, I wouldn't recommend this.You should focus on growing your portfolio as in "finding the next deal, getting access to cheap capital, finding partners, strategy planning, tax minimization, etc..."

Majority of investors do have minimal loan restrictions of 250k and above. 

You want to minimize taxes.Not only these are separate goals, they can pull you in opposite directions, so you will have to prioritize. 

Hi Alex,Like my colleague mentioned, you could either purchase the property from your grandmother, but would need down payment / reserves to support loan requirements or have your family add you to the title of the property to meet minimal seasoning underwriting guidelines to refinance the loan in your name. 

Otherwise, renovate the garage into a man cave, while keeping the garage elements to easily convert back with no or minimal cost in the future.

Alright, I just read a post from a guru pitching services on BP.

Other family will typically step in and help you out.If you've got the money to buy, just find an older adult in your family, and make the pitch, "Hey, I'm looking to invest in real estate...

I recommend building your elevator pitch (30 seconds or less), your uber presentation (five minutes), and your listing presentation (up to 30 minutes with supporting materials).

The unit we currently live in would rent for the same amount minimally, most likely a bit more.