I want to send out different drafts I made to get a feel for what may work, just don't want to sound like a fool and loose potential deals at the same time.

Be sure to have a qualified tax attorney (not the customer service team at ETC) review what you are doing to ensure you are within bounds.

There is no doubt that you will be signing up for a challenge.That said, I believe you can make this deal work if you are bound and determined to.  

I understand that Conway is growing by leaps and bounds.  

If I could have purchased it and rented it to my sister through the section 8 program it would have been an ideal set up since my dad would be next door and could help attend to her needs since she is disabled and soon to be wheelchair bound.

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC.

We make it a priority to always have tenants on 12-month leases for residential with resigning of a lease at the end of the lease period so that we don't have to worry about a host of problems including poor tenants or loosing the ability to increase rent.

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC.

The majority of second generation loose their parents wealth.

Knowing that there is risk no matter what you do (sit on the cash, lose to inflation, bad investments loose the $$ ) so I am still on the fence about the right balance.