"I quit my job, have no cash and I am living in my parents house and I want to own 50,000 units." 

My parents also have several rental properties and habe learned a lot from them.

Maybe a well off parent, sibling, or friend.

We are trying for our first child this year and we will most likely move into a desirable school district on the island when the time comes.Since I started even thinking about owning a home just this past February (was renting for 10 years up to this point), I have been bitten by the real estate bug.

I am able to get a conventional mortgage since the house is for my mother and the money she gives me for "rent" will not be considered revenue by the IRS since a parent can "gift" money to a child. 

They recently had a child and were looking to move as they wanted a 3 br sfh.

When I first started out a Parent rented our Lake House for a few of her daughters friends at Prom.

You start thinking that way when parents die, friends die, health problems occur... 

Occupancy: owner occupied, personal residenceValue of property at present and/or your offer price: $300,000 offer priceAfter repair value: $475,000 - $525,000 (conservative comps in area)Anticipated or actual appraisal issues: None, but not really sure what this is askingDown payment or equity: $75,000 cash to cover down payment and closing costsSource of down payment funds, if applicable: own funds and 401k loanIncome Source: salaried, 15 years in federal career Gross monthly income (optional): $10,000 +/-Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $1,300 monthly rent, pay off credit cards each month, no other debtFICO: Excellent, 800+Credit issues: NoneAdditional details: The home is need of approximately $100,000 in repairs.

Parents were watching the NBA finals in 1988.