We're tired of messing with them though and having to repeatedly chase rent.

Your comment: "Memorandum of Contract and/or an Affidavit of Interest" I'd be very careful about clouding title if it isn't your intention to close with your money into your ownership. 

@Ameenah Muhammad-Diggins we just went with the “cloud gray” box cabinets from Lowe’s and we’re very pleased.

You'll be well served by getting up in the clouds and figuring out "why" before you figure out what.In general I would caution again buying anything in a cyclical market, as opposed to a linear market. 

@Jeremy Kleier yeah i seen they have a section for tenants to see other units in the area... i thought that was real odd and strange... like yeah thanks tenant cloud for helping my competition out

Be patient and don't let your emotions cloud your judgement.

Don't let over-optimism cloud your judgement and leave you with empty units; be sure your potential rent figures are reasonable and attainable.

It would not be sustainable if I did not live right down the road from my tenants, if I drove a Porsche Cayenne up to their place, if I lived in a swanky house instead of half of a beat-up hundred-year-old duplex, if it wasn't almost always me showing up on handyman maintenance calls, if someone else called them other than your truly, or if I had more than 20-25 tenants in this class.Does it hurt my pride to chase rent?

That’s the question a lot of Americans appear to be asking themselves (see storm clouds forming below).

If it were me, I would get the parents to deed over the place and not mention anything to the cousin until it's all closed so they don't try to file a lis pendens or cloud the title.