I'm the first in my family (including six older siblings, two parents, and countless aunts and uncles) to finish college with a Bachelor's degree (BS in Economics from Pitt), and the first to move out of the region.  

You will end up on the inheritance end anyway, you didn't mention siblings or other heirs, you may need to address that side.

He along with 2 siblings were losing money each month and it had no mortgage! 

What I found very interesting though was that the restrictions did not apply to my siblings, which, allows me to use my sister (who is a real estate agent in another state - Houston, TX) to buy and help manage properties for me in her area. 

I'm a single mom who grew up in a family of RE agents (parents, grandparents, siblings).

I purchase single family, multi-family, and commercial properties through a syndication setup with my siblings.

Say the owner of the property has no children, no living parents, no living siblings.  

Here's how it went,He told me him and 2 other siblings got the house from inheritance.

You get involved in the flavors between fighting siblings in the deal, while you might get a property, your value of the deal might be eaten up by all the hair pulling and frustrations suffered.

As her brother, she can (in most cases) invest with you while keeping the money inside her IRA.I wouldn't say it like that, but its true that siblings are not disqualified parties.