looking to arbitrage a deal with a home owner I know, This might help the previous question above as well. 

Property owners are a prime source for collecting revenue.

Heck I bought a “four plex” where there was an “owner’s storage area” exactly the same size as the other 4 units. :-). .  

@Nicholas A. your shotgun approach has a high probability of getting the exact quality you put into it.95%+ of real estate agent, many of them posting they are "investor-friendly", only know how to deal with owner-occupied transactions. 

Apparently, the person I am under contract with was managing the estate of the actual owner who recently died.  

That way you are not competing with 30 other owners for rent.

Your financial background is a huge asset, and it’s great that you’re starting locally in Milwaukee while keeping an eye on future expansion.If you’re looking to connect with like-minded investors, the Rental Property Association of Wisconsin is a fantastic resource for networking with rental portfolio owners, accessing legal resources, and finding contractors. https://www.aasew.org/For mentors, funding sources, and flippers, the Milwaukee REIA is another great group to explore. https://www.milwaukeereia.com/I’m a member of both and find unique value in each—maybe we’ll cross paths at a future meeting!

That being said, we are not in a situation where we can be an owner occupied situation.

You can list it for what ever you want as the owner. 

@Bradley Buxton makes a very good point to make sure to do your due diligence as you won't be an owner occupant like your in-laws.Last bit of advice: Because this is a friendly deal, you want to take your time to make sure you structure it in a way that maximizes tax and cashflow benefits for both parties.