If you can get a better deal on the home due to age its a fine and if you need financing banks do not judge year built. 

Selling your share at fair market value could avoid gift tax but may trigger capital gains tax for you based on the sale price and your cost basis.In California, the transfer may also trigger a property tax reassessment under Proposition 13 unless a specific exemption applies.

We even had to do a lease back to them while the carport situation was being finalized.There is definitely some luck involved with every deal, but I think as investors we can create our own luck as well based on knowledge and experience.  

@Danth Aman I'm assuming you're doing a general home inspection?

Hey Todd, that’s a real juggling act you’ve got.. balancing one home in Florida with another new purchase in Oregon.

I had to add an addendum for the home's contents in the agreement. 

With a budget of $300K-$400K, you could potentially find single-family homes or small multi-units in those areas.I'd recommend researching rental demand near universities like Duke or NC State or even checking out neighborhoods with strong job growth near tech hubs.

I haven’t gotten a tour yet, but based on driving by and photos of the inside, it looks ready to rent right away.

Note if you go over 4 units, your valuation will be based on NOI and comp rate.  

Being local affords many conveniences based on access and your knowledge of the area.