She also mentioned that they’ve been in real estate since 2006 and have managed over 30 properties (though this is more of a side business for them), which suggests a mom-and-pop operation.

We have a RE attorney & mortgage broker to make sure our operation is legal & compliant.

Im a medium sized operator - 46 units- and my typical deal has an ARV from 200 to 230 when its finished.

The issue is: can the operator survive to that "long term".  

Not fun, expensive lesson, but "woo hoo" you got a subto.Who trained you? 

Start by deepening your understanding of CRE fundamentals, including net operating income (NOI), cap rates, and lease structures like triple net (NNN).

The properties we operate are all in Indiana. 

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

You could form an LLC and have the operating agreement that allows your boss to require you to purchase his membership interest (or allow you to purchase his) in a given time frame.

I was conducting an extremely seasonal business and after 8 years of operation the business was insolvent.