My GUESS would be allocate depreciated cost basis based on replacement %. 

Is this what the new ordinance that you describe @Steve K. will replace?  

That sounds odd to me. 

Sounds like you have a good handle on your numbers. 

It is not as easy as they make it sound online.

just asking to try to help, because (1) BRRRR is very tough right now, and (2) it sounds like you're going for 100% financing, which just makes it more expensive.

You KNOW this..yet you still send mailers calls and texts to the absentee owners list when you know gadamn well most will say "no".I have never been among a dumber audience than real estate investors... how rude that may sound.

Don’t be seduced by wonderful looking returns and sweet sounding promises, it is likely to be fool’s gold. 

The vacancy piece sounds nerve wrecking. 

Sounds like a simpler option and that is what you need and your parents would probably benefit from too.