You lose direct control in these situations but if you get the right deal , you get your money out and working for you...

The ability to increase value in multifamily puts me in control of my investment.

I will be cosigning a refi for my parents in California, my question is the following.Once they sell their property am I still responsible to report on my taxes and possibly pay taxes on it?

Since rent control is illegal under IL state law nothing can change a landlords ability to do that. 

Well, that is a good question, but it comes down to difference of opinion, and him taking control of everything I do.

Rent control, crazy laws anti landlords and other things makes it hard to enjoy your investment. 

The issue we are facing is I am supposed to take ownership of my parents 2 houses and they will be under my name.

Would you allow someone to "buy" a property, for $0.00, and you pay 100% of it for them, yet have 0 control of it, just a hope and prayer that it all goes good? 

I was very naïve in the beginning but my mentor taught me to take control of situations, even if that means calling/texting someone that is involved in the deal once a day for 30 days straight (I have done this with a lender recently because the deal was being put on the back burner). 

Has anyone utilized Verdant or Carson for HVAC and/or electronic door controls?