If you aren't building experience as a proper landlord and aren't turning a profit by charging market rent, it doesn't seem you'll be gaining much, other than doing your parents a favor.

Unfortunately, that's when we found out that speed on my end doesn't really gain you a lot of advantage with the VA. 

Pushing an AC unit into the building to gain access is pretty invasive.

Garage conversions can be tricky on the valuation as some appraisers deduct value for not having a two car garage, so the gained value is often not as much.

I look forward to learning more about the community and how we can mutually benefit one another.  

There are benefits that he is currently leaving on the table by working "under the table".

We recently attended Than Merrills’, Fortune Builder’s seminar on RE investing and although we did gain some additional knowledge it seemed to be a 3 day sell to attend the $20k mastery program.

I'd love to hear anyone's thoughts on benefits and drawbacks to taking on property this way.

@Jon Sidoti We aren't too far from each other, I think we could benefit from connecting & discussing opportunities!

You now have an asset that you can easily refi to pay the cap gain taxes and you enjoy a stepped up basis in the property.3.