I work with my mom, she does all the legal stuff i cant do.

Or some form of legal corp are there benefits, taxes etc....Is it better to just remortgage my home for a down payment and get the rental?

I have done a fair amount of legal research in the past several years.

These include penalties, legal fees etc.

In addition to taxes and insurance, maintenance, vacancies, make-ready between tenants (you yourself said its low rent, so the tenants are going to be very transient), legal fees, advertising, and other expenses, you're going to have a significant HOA fee.

If you find they don't want to sell and you are not comfortable doing a lease back because of the legal repercussions and headaches.

I did not know that owning a property outright offers less legal protection to the landlord.

That can be better than legal solutions when a suit happens.Also make sure that you are operating legally.

I'm not legally old enough to purchase property, but I'm sure I can work out some deals under my parent's names.I'm very eager to learn and I look forward to meeting everyone on this site and making my first deal.However, I'm not sure where to start out.

Would there be any legal issues if I was to sell my house to my sister-in-law for $100 bucks then rebuy it back to avoid paing the taxes on the big gain i've had so far?