Your decision to lease this property for short periods is what makes this a short term rental property, not the property itself.

Make your life revolve around it and you will be successful.

@Khaled Seirafi what business would make the mistake of providing BAD references?

So now you’re making $750/yr being a landlord.

If I could ever be of some help in the process or want to discuss specific areas of town and investment analysis, please reach out!

I would be planning to do some things before actually making an investment.

Keep wasting your time then and looking at MLS deals ;) You can make more money and actually get deals going direct to the seller instead of this.

@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. 

Though in CA, 5 years delinquency on property taxes, the city can file a lien and auction off the house.If I pay those taxes, what's the process of if I wanted to take possession of the property after the 5 years delinquent taxes?

I’m new to real estate investing and am in the process of trying to acquire my first property.