I will definitely keep you in mind once I start looking into that aspect of real estate, and I really appreciate the offer to help me learn about all the options available.

Now keep in mind he at least did 1 correct thing, applied to be added to lease.

I mean if you get it, it will allow you to retain your investors.As an alternative, you can take the route others suggested:1) Fund  of funds2) Partner with others on GP side in an investors' management roleKeep in mind, that both options would require you to have a full understanding of the role and the regulations involved. 

The penalty plus the security deposit (and additional repairs) was far from covering my expenses, but one thing I can tell you- this is a peace of mind having non carpet flooring.   

So we have 3 buckets in my mind - SFH sale (basic), developer sale for the size of land (new to me), business sale (home + business).The most value would be in selling home + business I believe but I have no idea how to market/find potential buyers for such a thing.

Keep in mind, if there is enough depreciation (IRA can't take the bonus depreciation, need to use standard depreciation schedule), that depreciation might negate any positive income.

As far as legal advice, anyone in their right mind will tell you to hire an attorney. 

Hey Patrick, Please keep in mind that land itself isn't depreciable.

Not only that seconds the interest rates need to be above 20% apr in my mind to take on the risk..

If your tax situation isn’t too complicated, you could try handling it yourself using good software, but if you want peace of mind, a CPA could be worth the investment.Since your parents have experience, you might lean on their advice while you learn the ropes.