I would definitely ask your accountant before making any changes or opening an LLC.

ya those are totally open ended questions your going to have to figure it out from here on your own or with someone else chiming in..

I'm also open to discussing the properties I have purchased, analyzing which deals have been successful and which ones have not.In my experience, out-of-state investors who buy single-family homes in the suburbs usually see better returns.

Quote from @Leslie L Meneus: @Kristi Kandel is that open to everyone. 

Definitely open to any tips or strategies you’ve used to find deals that work in today’s market! 

I like option 2 to diversify the investments in 3 smaller rental propertires, 3/2 around 1500 sqft, in good school districts which will open the biggest pool of tenants. 

You can open a Self-Directed IRA and use the IRA funds to buy a house using a Non-recourse loan. 

Always open to new ideas, but defaulted to hard money because it is what I already know.Very helpful Stuart, thanks for the info. 

Since your parents seem open to your involvement, I would start start small. 

They will get in touch with the property manager, let them know a complaint is filed, and typically give them an opportunity to make things right before opening an investigation.Have your friend look for a new PM immediately.Start by going to www.narpm.org to search their directory of managers.