If your parents do not have experience and you are eager to learn, you should come up with a strategy with your parents so that you can start managing the existing portfolio and finding a way to grow it.First and foremost I would maximize the property as much as possible now.How well is it maintained - any deferred maintenance? 

How can a individual existing property be moved out of partnership to a individual member without triggering capitol gains?

Builders can give you some sense of cost and project scope and local officials can let you know if any grants exist for affordable housing, re-zoning efforts, etc.

Great cell reception.  3 miles away from our existing plantation and house.  

Additionally, have a clear budget, factoring in potential repair costs, and ensure you understand the rules about earnest money deposits and closing deadlines.LLC for Real Estate Investing: Forming an LLC for rental properties can offer liability protection and may provide tax advantages, though the tax benefits are non-existence for rentals.

He didn't even do an assumption here...with an assumption the lender knows the property is being conveyed and the new buyer is assuming the existing mortgage which is a lot less risky for both the buyer and the seller.

They may take an interest.Some of those people might actually be more aggressive about enforcing existing laws.

The foundation was already approved, permitted and finaled years ago for a 3400 sf house, and its solid and I won't be building directly on the overhang edge; but rather back away from the edge a few feet to prevent any load issues all the weight will be on the longer sides of the existing footing.

Originally posted by @Mike Cumbie:Question 1 is do they have an existing lease?

We have bought loans like this from existing lender as well as refinanced borrowers into a new IO loan.