Your father-in-law will want to minimize his tax liability on the capital gain and think about how the sale fits into his estate planning strategy.

I was wondering is starting off with an 2-1 apartment for around 75000$ in Gainesville Fl is something I should look into 

I'm wondering if you can help advise on this situation.My mother currently resides in a property located in Los Angeles County.

Interesting, I always wondered if it actually affected the listings.

@Wynn Williams You could buy it subject to the existing mortgage, but I'm hearing about those due-on-sale clauses being exercised often now.I would structure it as a lease with an option to buy.

Then you have all the TV shows that glamorize flipping etc.. so its no wonder there is so much interest in real estate right now.Then you have the I quit my day job to be a full time investor..

I'm wondering if I can get 2 LLCs.

this is wonderful.

And I wonder if CCR or HOA can restrict these to protect the values of those homes ? 

You said "100% of our funds were investors" then "my capital came from bank Lines of credit NO investors", so wondered exactly how much of the 100% was replaced.