@James Thompson Transferring property from your in-laws to you can be done through a gift, sale, or trust transfer, each with different tax implications.

I am new in BP, and I am looking to understand where I start with learning about REI.I currently live in New York which it's not a good place to start investing.i know the difference between STR,MTR,LTR....

The difference between a 12% return and a 16% return compounded over 20 years will make you sick to your stomach. 

So the idea of doing this all from afar is a bit daunting, however, I know the most important thing here will be to create a great team and outsource as much as possible.I have set my sights on a couple of different markets being in the Southeast and the Midwest; these markets seem to provide the cash flow I am initially interested in generating to value add to the properties I purchase.

I agree with Colin ^ as each department is different. 

@Tony Schmucker if it were me, it would totally depned on a ton of differing factors that you may not be measuring (some outside of investment real estate). 

@Jacqueline Wright  Every auction is different so the first items to check: do they allow financing if you win the auction? 

Some lenders will also have seasoning requirements for the loan itself, which may be different than what's required for ownership.

Legal Entity Considerations: Should I hold my rental properties in an LLC or trust for liability and tax benefits, or does it not make a difference for me?