Just like many of the comments I want to do RE so I can spend more time with the kiddos..

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You would spend far more on Marketing, background checks, tenant placement, repairs, and possibly legal fees with the eviction process.  

Not impressed with other large institutional managers who are very light with boots on the ground and in many ways have the attidude they are assisting you in managing the property, not managing it for you.

But at a $1.5M asking price, as long as you don't have to spend more than $300k in rehab (without raising rents), this is a slam dunk deal that should easily be financed  at 75% LTV by a "investment real estate-friendly" bank/credit union that is located fairly close to the properties.

If you cannot get Joe McCall to refund your money and/or convince your parents to assist you in RE, then maybe you need to further your skill set.

In my case my bank asked for a few monthly checking account statements so they could see my spending habitsThe gift of giving- A few months back a co-worker was looking to purchase a home (not for investor purposes) and they received a "down payment as a gift" from a family member.

Builder/Investors, what are you spending per sqft? 

If you spend the entire $300k restoring the property, then here is the end result:- deductible casualty loss of $50k- no current tax- the restored property has $0 basis and cannot be depreciated- when it is later sold, the entire sale price is taxableMechanics and reporting are tricky, and I would not recommend to DIY it, especially since my scenario is over-simplified, and your real scenario is likely to involve more gotchas.Thanks so much. 

and guess what - that might be OK too - but only if 1) you're OK with spending that money and 2) the investment justifies it.