Year long lease typically, with subletting allowed to offset summer months cost to tenant.I worked out some high-level math: Assuming there is a 6 bedroom single family house for sale for 800k, and I can rent for 6k/month.Financing: 350k cash, 450k loan @30yr, 3.8%.Assumptions: 7% vacancy/yr, $4000/yr repairs, $10k/yr property tax, $4k/yr insurance, 8% management fee+50% first month rent on new leaseMonth-to-month breakdown: Income: $6000 Vacancy, Mgmt fee, repair, taxes, insurance: $2300Loan PI: $2650I'd take home ~$1000/month. 

@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.

Quote from @Jeremy Torres: there’s a 4 plex for sale in my area for $386k I’m wondering if that’s a good price?

I don't figure the note will be more than  300 a month at only 40k principal.

Real estate agents tend to want to make a sale and they are not as experienced with the rental market as they are the sales market.

Although we could develop and sale.  

I can't figure it out!!!

Interest rates doubled within a six month period of time and property sales almost completely stopped. 

I suppose they would be able to help me figure it out but I’m still trying to determine what is the best way to fund something like this and would it be better to sell off the entire purchase once split into separate parcels or is there a way to structure a deal as to where I could sell off some of the land to repay the loan/investors and also retain a portion of it to develop with my own short term rentals.

@Robert B Azimi If I'm in your shoes I'm meeting with the tenant in person to figure out what's going on.