Grateful for friends in the BP community who've gifted me "The Book on Managing Rental Properties" by Brandon and Heather Turner.With so much to learn in such a short period, I'm eager to hear any advice this community has to offer.

I see gurus come to my town all the time with gifted speakers and within an hour into the presentation they have dozens of people lining up with credit cards to purchase their coaching.

I usually send someone on my team for the purpose of getting a testimonial and we give them a "thank you" gift.

My parents want to gift my $5,000 towards the house and want to know how it will be most beneficial to me.

Sure, we have some $2000+ up rentals, but those are high-end Class A and do not apply to this discussion as far as a general rule.If a tenant makes less than $1,500 / month and pay $500 or more for rent, they only have $999 or less to live on: groceries, utilities, gasoline, car repair, credit cards, medical care, "fun" (they always have money for fun, it seems), Christmas gifts, birthday gifts, clothing, unlimited cell phone data plan, 300 channels of Cable TV and all the rent-a-center payments. 

When I finally landed back in Memphis a few days later he had sent a thank you gift for taking the time to hang out and share.  

Your dad runs a succeasful real estate business so you were gifted with the knowledge on how to make money from an early age.

Talk to your CPA about 'gifting' the properties and any other wealth to your heirs before you die.

I assume the person gifting you the house is far from their deathbed.

(different loans have different seasoning periods for your funds and different guidelines on allowing gifted funds - something to consider) To determine closing costs you can call a local title company in your chosen area and ask them for their fee sheet and your lender should be able to provide you with any other fees associated with the loan.