The house is laid out the same as you explained as well as there are records of the home previously being a multifamily.

I have a question in regards to gift or equity.My parents have a house they wanna get out of a payment. 

Houses are sitting.

My family owns REI Nation and Premier Property Management Group, where we handle everything from purchasing and renovating homes to managing them afterward.

Keep in mine Toledo is the #1 market in Ohio (and nationwide) not Cleveland or Columbus. https://www.realtor.com/research/top-housing-markets-2024/ What is BRRR?

If you don't want to cut your realtor out completely - have them list the house for you when the renovation is done! 

NOTE 2: if we choose NOT to upgrade the rooms, the units can't be in the hotel's pool of units to be rented out to guests.NOTE 3: right now, I'm losing about $1,500/moMy gut tells me to just get rid of this unit at a loss but I have a few questions I'm hoping someone can help me with (so far, I've asked some RE professionals I know but they don't have any idea).1) If I was to pay the ~160k for room renovations, does this mean the room increases value by at least that same amount? 

He's obviously half of the partnership and will be doing a bulk of the renovation work. 

The idea being that if you just sign a sales contract that states "I will sell you my house in the next 30 days" it is unenforceable because there is no "consideration" cited in the contract making it unenforceable.

I used to have several out of state investors who would buy houses in Memphis via the online tax sale auction, then hold them for a year so the redemption period ended, then they would hire an attorney to "quiet" the title which would take 4-6 months and cost roughly $5000 but then they had clear title and would sell it "as-is" to other investors or hire me and list it on the MLS and get higher offers.