Also, I would use the power of leverage when you can as it is one of the things that makes real estate a great investment vehicle for building wealth.

In my opinion that would be tantamount to putting full new purchase price as the value on a vehicle that is 10 years old and doesn't run.

The example I give is that of an Investment Vehicle.

Their townhome is paid for and with any luck their remaining days will be spent there.My wife really would like to buy the property as an investment vehicle and the ranch townhomes regularly go for around $300/$325k at least.  

Offer to do their grunt work or whatever they need and use this as a vehicle to make extra money, make connections, and learn.Read some books like Rich Dad Poor Dad, Dave Ramsey's Total Money Makeover, and The Millionaire Next Door.

Check and see if they correspond to her family members vehicles.

@Jim,  I was looking thru the forums to get some advice on how to structure an asset protection vehicle while minimizing the taxes payed.  

It's still a great investment vehicle, especially if you offset its weaker aspects with other investments.

I'm 35 I have a good job and great credit however I'm not generating wealth for my family and I've realized that real estate is a vehicle that can get me there.

I'm looking for the right vehicle to get back into real estate and with so may "Guru's" out there trying to sell you something it's become a bit overwhelming to figure out what is working now.