With your current estimates, you're essentially assuming infinite lifespans for the property's various components (roof, foundation, HVAC, electrical, plumbing, water heater, etc.). 

Hi Terrell,It might be a Sovereign Citizen "Type" person who filed it.This was happening in Las Vegas a while back, and they thought they some legal standing to claim the property, but I don't think it turned out too well for them.As far as it's legality, that would be up to an attorney (or possibly the District Attorney) to decide that.That's all I know about this "The Living Man" kind of stuff Or it could be legit, and the person chose to word it this way for whatever reason. 

We had to do most of our renovations on the single family house out of pocket, so our cash was essentially gone but we had enough to put 3.5% down on an fha loan for a house hack. 

I am a carpenter by trade and enjoyed living essentially free in one of the units of the building I own.

Since you are essentially only focused on half of the business you should have relationships with your buyers.

You are essentially betting your family home that you will be successful and that nothing will go wrong in the flip.

Budget price for a property: $200k maxCAP Rate: essentially my mom wants around 6-8%+ return.Ultimate Goal: to have cashflow $40k+/yr within the next 15 years.We also are not interested in the buy and flip strategy as my mom wants passive income through renting out.

We're in an historic district, so the windows have to be wood, and they are 8-over-8 and 6-over-6 double hung, so custom built as well.

I don't really want to spend a lot of time with the day-to-day of managing properties, and essentially want to be a hands-off investor; this is what makes wonder if i should be looking at much bigger buildings. 

If not, enjoy living in a great area and school district for your kids.