This  is your best option since you "sort of forgot about it".

(The one I like to use is part of a lawyer firm, and is fantastic at sorting legal issues out)

So, under that idea, it is sort of a make sense decision to transfer with Warranty Deed for your purpose.  

Sure you can buy all sorts of worthless paper for pennies on the dollar its that old adage a fool will soon be parted from his money.Not bizz takes some education and knowledge to get into and do right..

@Bob Malecki , are your Reg D fund investors of the "friends and family" sort?

I've yet to find one that allows any sort of "we buy houses" signs like they are commonly used.They do commonly allow you to put up a sign at your job site advertising that specific property.  

I'm sort of in the same boat as you I am just soaking all the info in before I take the plunge into real estate.

Seems odd that its sort of transferred to you (so you have to deal with cutting the grass) but not really (so you can't sell it.)  

At some point down the road after you and your brother-in-law are RE moguls, you'll want to make sure your assets are under some sort of corporate veil to protect your personal assets from a law suit.Depending on the state, if you do not purchase the property will an LLC, you could be charged transfer and recordation taxes again when you transfer the real property to your LLC or S-Copr, C-Corp, whatever.

Sort of like a sleeper sofa.