responsibilities for day to day running, in all relevant areas of activitytactical decision making (day to day)strategic decision making (longer term policies)what things can only happen if both parties agreewhat will happen if you can't reach agreement on some major issue - ie deadlockWhat happens if either party 'wants out'?

@Brent Coombs I disagree - strategic purchases of primary residences can absolutely lead to "bigger pockets." 

Congratulations.I think the hole your sensing is the strategic ancilary parts to real estate that really aren't real estate - Tax strategy implications, Accounting practices and positioning, Finance models, and overall coaching on direction.  

Biased opinion, but... the money you will pay your CPA you will receive back many times over when you file your taxes and, more importantly, when you get the strategic advice that will help you plan ahead and make wise financial decisions.

My personal recommendation is to strategize with risk mitigation in mind, not capitalize on potential market changes.

It might be time for your parents to strategically downsize before the trouble begins. 

For me that’s a huge long term strategic advantage. 

I did find the company owner's name and am trying to find a phone number but do know where he lives based on tax records (this is what happens when a former Army strategic planner does the digging).What I want to do is make him an offer to buy the house but I am not sure how to approach it. 

It is a strategic tax planning strategy where they intent to hold for exactly 12 months and then reposition again into more suitable replacement property through another 1031 Exchange, but be careful that you don't settle for a "dog."

- Comp properties from the area (where I have the listing price and the amount for which it actually sold) also generate negative cash flow and return on cash using the same formulation as above.