I do have a contractor I've worked with on my own house.So in its simplest terms, my plan is to generate capital from my current day job to buy and hold in order to generate cash flow.

That is the simplest way I can put it.

If you paid, say, $100k for a property, the simplest rule of thumb is the improvements are $80K and the land $20K.  

buy the simplest version.  

Simplest thing is to sell it as-is and take whatever you can get.  

@Lindsey Turner if you are first asking family members, I think the simplest most easy to understand documents are best.  

I certainly wouldn't do that and I wouldn't suggest Randy to do that if he was asking, but it is the simplest and best for you.

@David Faulkner That was the route I felt would be simplest.  

I don't know how else to figure out.Anyways...If I am on the title...What is the best way( simplest and most economical) I can take over the property? 

@taylorbrugna - I think is the simplest way to show money in when received and out when invoice is paid out.The issue that we have run into doing that is sometimes there are more charges in a given month due to the billing dates.Let's say the June mowing bill came the last week of the month and was paid in June also we then show double the normal cost in June and then we have explain why we had an increase in mowing.