Are you not able to make up the difference with the HELOC and the rentals or would you prefer not to? 

Your wife as conservator/guardian has an obligation to her mother and selling the property to herself creates a conflict of interest in that she stands to benefit as the buyer and is also making decisions for someone else as the seller.2.

Parts are less than $30 but may be marked up by the plumber.

The BEST acquisition today is positioning for the soon coming FTHB "make it rain" party.

@Tanya Maslach What was the asking the price and what was your original offer?

"The Millionaire Real Estate Agent" by Gary Keller teaches the same thing and is a good read.

If it is interest bearing than most states require that a portion of the interest goes to the tenant.

Quote from @Lorraine Hadden: He also said to be fearful when others are greedy and to be greedy when others are fearful.Some people are holding onto their money, waiting for a correction so they can snatch up deals.

At this price point you'll never hit the 1% rule.

I opted to go the HELOC route instead.