Always budget extra for surprises.Skipping Permits – Even small renovations may require permits.

The only creative way I can see (obviously not knowing enough details) is an owner carry with you as the operator and a JV partner as the financial backing.

Financing OptionsParent Loan Options: Consider home equity loans, investment property mortgages, or co-signing a loan.Tax Implications: Speak with a financial advisor about potential deductions and capital gains.Rental Income Potential: Explore the option of renting out extra rooms to offset costs.5.

However, there's a critical detail that many tax advisors conveniently overlook when promoting these studies.Here's the uncomfortable truth: If you're a high-income earner (AGI > $150,000) and not actively managing your properties, those promised tax savings might be locked away for years.

Hi Dominic, thanks for the detailed response.

I’m also looking into self-settled spendthrift trusts to add an extra layer of protection, especially as my portfolio grows.

Yes buying distressed property is a good way to get extra profit.  

We want to detail the responsibilities, capital contributions, profit and lost sharing percentages, decision-making process, have dispute resolution methods, and exist strategies.

Since they are responsible for maintaining the relationship with you after the transaction closes, this approach adds an extra layer of confidence and security to your investment. 

(You say it’s worth about $100k more than you’re paying so figure an extra $15k.)Maybe you’d be better off partnering with the parents unless they have zero interest?