Here are some stages and recommendations to help you through the process:Create an extensive business plan including all aspects of your idea.

I discussed the idea of an LLC with a local banker and he indicated setting one up especially at this stage was something I could easily do so I submitted my application with the state already.

He had made an arrangement with them giving them free months of December & January so they can move out on February 9th. 

One thing I like to do at this stage is ask why they're moving, and listen to what they complain about where they currently live.

@Josh Haney I believe the legal/compliance piece is fairly well covered by those who already commented I completely agree that it's important to retain legal counsel to assist with drafting and also loop in an accountant to confirm structure is arranged with tax efficiency in mind. 

Otherwise, you might just buy from him in stages over time...Does he have any other capital investments that he can tax loss harvest?

I read and listened my way through the novice REI stages. 

I'm a W2 employee who might move closer to their parents to help them in their later stages of life.

Although we're still several steps behind you in building our portfolio, my husband and I are similar to you and your wife in a lot of ways, in terms of our life stage, as well as how you treat money and evaluate new markets.

Sure enough some time later, he staged a trip and fall, photos taken with injuries.