Additionally, though I know from a previous post that you think the kids of faith investors will just sell it off and enjoy their parents' sacrifice, I do like the idea of having a local condo that I can gift my kids when I'm gone. 

Can you expand on your statement that the father can give a gift of equity to the son?

My suggestion to draw up the note was just to help his parents out for tax purposes, as I believe "gifting" the cash would be capped at $10,000 per parent.

Or better yet, what is the book you've given most as a gift or what is your favorite book?

Mine is in the mid-600's and I'm self-employed, so I figured it's just easier to put her name on everything to get the lowest interest rate for the investment.Turns out I can't gift the funds to my wife for the Down Payment?

If the tenants are stellar otherwise and you really want to keep them happy, you can offer a gift card to a restaurant in an amount of your liking, but don't let the tenants choices control your actions. 

Therefore, it’s not unreasonable to think of this $2,563 as a gift, which at 3.11% of the initial $82,322 investment, is not an insignificant one at all.

Bottom line is to keep a professional distance and interaction to have know-how on what is happening with the property as ultimately when the eviction of the property happens, no matter how good you are, you will be left with repair works as a return gift. 

If they're irrevocable, could be that the property was GIFTED to the trust in which case the FMV at the time of the gift would be the basis in the house. 

There are many customer service businesses that send you birthday cards, waive your first late fee, or overage fee, send you gifts around the holiday, etc.