The higher prices go relative to general inflation and income growth, the farther they can fall in a bad economic environment.  

Check your state regulations regarding owner occupied rental properties.A tenant that bangs their head against a wall it is not illegal or grounds for eviction.

If you are looking to continue to accumulate properties, I would refinance due to the current low interest rate environment and lock in now.  

Not much of a challenge Brad, any transfer of interest sets off the due on sale.The alter ego goes deeper than that and the motivation begins with a written loan policy, regulations and prudent lending requirements require that policy to be followed.

I would add that the Regulation D, Rule 506(b) exemption from securities registration allows investments from up to 35 unaccredited, but financially sophisticated investors whom the syndicator personally knows.

Especially in this environment, banks want to know that they are going to get paid and lending millions to a newbie is not the way to accomplish that.I would STRONGLY suggest starting small.

Probably that's about it in this environment, and that will be hard enough.

I believe you need to somehow get the children out of that environment even though it seems the mom probably loves the tax benefits of those kids.

Be careful about charging for a service or product that requires a license or is regulated, selling that service or product for a profit puts you in that business!

Just be aware of lending regulations, best to have your docs reviewed by a good real estate attorney.