We have a standing meeting this weekend while they are in town and it was implied that we would talk about investing and my thought would be to start a partnership.

The word "deposit" has an implied meaning of something that is to be returned; rent does not imply that you return money to the tenant (unless the unit becomes uninhabitable during a month where rent was received).

The word fee implies that it is not their money any more and you do not need to refund it. 

This triplex in Washington would be a real contender if I were shopping the area:$299,0006 bd3 ba2,131 sqft530 W Main St, Goldendale, WA 98620Although the realtor mentions that the "area is safe," which implies that nearby might not be so safe...

@jameswise are you implying wholesaling is illegal?

This implies that you cannot transfer from your parents to you and rent the unit out and transfer the property tax basis. 

You, as the (implied but not stated) end buyer would provide no upfront money but will secure a mortgage with the $25K borrowed down payment of roughly $75K.

If your personal trainer is fat mess it’s not a good idea to have them train you unless it’s for an eating contest. 

Finding a vacant house  +  owner is motivated  =  Potential for a good deal.A vacant house DOES NOT IN ANY WAY imply "motivated seller" or a good deal... or that they even WANT to sell at all.So.. people that go after "vacant" houses... or foreclosures or absentee owners or probate or..... 

Assuming you can buy them out (even if based on bad advice) implies that you can make lowly other people do your bidding because of a big pocket book.