From what I understand Joint tenancy has right of survivorship.

The in-laws want simplicity since they have no interest in managing the unit.From what I understand, it seems logical for them to handle the required taxes (TAT & GET) and compensate me via a 1099 form.

Obviously, this can impact your overall cash flow. 6) it’s important to find an agent that knows the area well and understands how to work with an investor, as the process is very different than buying a primary residence. these are all things to consider, and there is going to be a learning curve associated with the process.

They like this because they know buyer broker is helping the buyer understand the process, find a commercial retail attorney, help line up financing with capital markets, etc. 

Understand the market and do your own research. 

Fingers crossed, I should be OK after selling it and be ready for another opportunity, but we shall see.Lessons Learned:1) Fully understanding the financing of the deal and be liquid BEYOND money down/closing costs.

If this was hard to understand or I can help you with other advice, please feel free to connect with me a message me.

What am I missing or not understanding? 

It's really important to understand the difference.

My understanding is you have to own at least 5% which I do.