A key difference between gambling and investing is control.

My rental is within a mile of the university, and I previously had students apply with no income but statements that parents would pay.

This JV is with my parents so there is some flexibility! 

I grew up with parents that have a few rental properties and worked in property management for 4 years, and an MBA, but I want to get into RE investing on another level full-time.

Denver is a really hot market and properties close are much easier to control.  

Her parents have graciously allowed us to crash in their basement for as long as we need.

It's not only you that needs to qualify for FHA but also the building itself and with low rents (rent control) 3 & 4 units hardly ever qualify.

Can any one answer this question, you have a tenant the is living on a lease that is rent controlled or rent stabilized and they die.

@Jonathan DragoAbsolutely not.You and any business you control are viewed as a disqualified party to your father's IRA.  

I once for a short period had two agents working for me, nothing but problems, telephone calls from other brokers telling me to get my agents under control because they were saying things that were just wrong.