Market Demand: Buyers love move-in-ready homes, and flips are often the most attractive properties on the market.

The only thing I'd suggest is to raise your rents unless you think you're at the top of the market.

However, the property’s cost basis (what they originally paid) carries over to you, meaning if you later sell, you may owe significant capital gains tax on appreciation.Alternatively, selling the property at fair market value eliminates gift tax concerns, but your in-laws may owe capital gains tax on any profit.

From there we identify properties that could have some potential and if you are interesting in diving deeper, 1) we do a thorough video walkthrough to give you a realistic look of the property, 2) we give a ballpark estimate of rehab costs (we do 40 a year with our GCs o we will get pretty close), 3) we talk through market rent with our property management team, ARV, and potential highest and best use.Ideally you find great investor agents who know their market really well and have a network of resources to provide you with enough confidence to take reasonable action. 

Plus, you already know the market, which gives you an edge.

You're in a strong rental market, and house hacking a small multifamily in Phoenix is a smart way to build wealth.

Before you move out in two years, see what niche of tenants you like, and see if you can market accordingly.

Quote from @Jules Aton: I started investing in my late 20s during early 90s in up and coming inner city neighborhoods.

Housing pressures will vary by market.

In fact, just finished one that I have yet to put on the market.