We do want to settle in a little bit here while continuing to do our homework, but hope to get into something in the next 6-12 months.With the way interest rates are looking now and what little I see on public listings, I think a smaller multi-family that needs a little rehab would be the best bet. 

Its much harder to turn a property around in 6 months expecting to have 100% of your money returned back to you - but if you focus on the right property focusing on highest and best use with an ADU add (like mentioned), in-fill/lot split, or other rehabs - then hopefully a semi-decent property like that will perform like a champ in a few years. 

If so, they can sell within 2 years and not pay capital gains taxes on the sell of the home.They could take that money and buy multiple rental homes in other areas if they wanted, or use the money to downsize in to a different home while still having money left over.

If I were the neighbor, it sounds like I'd be the only one bringing money to the table so you could get something you want.

The new buyers will make money on the deal itself.  

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Tracking can be done in property management software, a spreadsheet, or even a piece of paper and a pencil, as long as you can account for who's money is in the account.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Even if you have an absolutely solid home and its worth over 600k, in my area the most you can rent it for is $4000 MAX.

One never knows whether an area will gentrify but chatter on the street is money is flowing in the South Shore.