Or maybe you are truly a friend and he's feeling charitable and would accept a deal that only offers a 4% return.Ask him what it would take for him to help you get started.

One of the charitable organizations I personally support receives a number of donations from its members and I have approached them about multiplying these investments through syndications investing but they weren't too interested in such idea.

You can even double-up by volunteering for a local political campaign or charitable service.

Use your profits to be charitable.

@Jason Hendrickson, if you have a large income tax bill you can consider a charitable remainder trust.  

@Chuck Toney, since you're not a 501 (c) charitable organization, you're parents can't "donate" the property to you and your sister.That being said, the IRS does allow "gifting."

@Chris Hanisco - think about the $400-600/mo you won't be able to spend on your son and yourself because you're being charitable to someone who has shown a pattern of not respecting the property you are purchasing.

I was thinking about using the angle of charitable donations and tax deductions but I have NO idea about how to approach that.

Because city who funds the program requires a separate checking account for charitable contributions, the $30,000 check they sent to us after they closed the account was in my desk for several weeks till we figure this out and have the checking account re-opened.

If landlords want to be charitable they should donate to a homeless shelter.