The drive way is full of weeds, old newspaper thrown over, no cars parked, no window blinds, and all the trees are untrimmed. 

He also on the tree trimming committee among others.

HI Siri,A lot of the options that you may consider will involve or is recommended to be discussed with a tax professional.Some options below, option #1 - You can utilize your parents section 121 home owner exemption (up to 500k married or 250k single - cap gains tax free for primary residence if they've lived in the home for atleast 2 of the last 5 years prior) and out right purchase this home from your parents via direct purchase contract/agreement (avoids commissions/etc).This allows your parents to have all the funds tax tree so there should be no capital gains state / fed/ or otherwise on these gains.This allows you to invest with those funds as you live in the home as your primary residence in the meantime (as you had mentioned).

Landings just happen to be right were we would place  a home  etc.Max revenue was a clear cut.. and heavy replant... we always bought the best tree's  that were raised within 10 miles of the site or as close as we could get so they were climatized.. and we bought  3 and 1's  IE 1 year in door 3 YO  ...

Find out the replacement dates on those bigger items:Roof will last for the anticipated life expectancy unless damaged by outside source such as a tree limb.  

@Dave Foster  speaking of Starker  my favorite deals were 1031 timber deeds for multi family.land owner gets to log with tax deferral the trees are on 60 to 70 year growing cycles... so now they own a multi that cash flows nicely.. they still own the land that I replanted  and the next generation will do it all over again.

One thing to watch out for is that you don't stop seeing the trees for the forest.

I see that schools are bad, and that coffee trees are being invaded by the CBB.

Only thing is, on the property there are a lot of trees where the base of the tree starts on public property (City's Property) that stretches over to the investment property.

The guy is giving you the water and expects you to take care of the tree and all the care-taking that comes with it and he gets half of the fruits, no way.