I would be more concerned about the parents' willingness to pay repairs when their kid has a party and wrecks the house.

Seth,To fully be 50/50, you will need to get the bank to lend to the LLC, and have all parties as guarantors.  

As an investor looking at growing a portfolio you want to be able to look at your assets, remember this is no longer your home, from an unbiased 3rd party perspective.Now, I'd recommend you do a complete analysis of your investment property.

Just so it's clear to all parties, add a statement under Special Provisions "Buyer and Seller agree the Earnest Money is made payable to Company, LLC and is Non-Refundable".  

Once you get going it may get easier but the hard part is getting going!  

It's never become an issue, but I acknowledged the issues with benefiting/detriment party in a friendly manner.

This is however subjected to an acceptable terms by both parties involved.

Both of us should be looked at in the highest regard when it comes to this business, or the desire should be mutual of both parties, I'm getting the feeling that it is not.... *** I may have just answered my own question ***None the less, it will be interesting to read the feedback that this conversation get's and or questions.

If so, have them sign a property management contract for you (if that is legal for you in your state - in some states you have to be a broker in order to manage property for a third party).  

If this is the case, I assume there is a mortgage and one rule with banks about accepting a short sell price is that both parties do not know each other.As for the financing,  you need a bank or broker for an investment loan or if there is 40K in damages, was it a fire or closed to condemn and requiring a rehab?