I recently inherited a small rental property in the East Texas area (my grandmother left it to me when she passed years ago and my parents just released it over to me) and I plan on making my first purchase on a long term rental home in the Dallas area around the first of the year.

I'm a parent myself... and while I will hand over my portfolio one day, I feel the best thing I can do is teach my kiddo how to run it and keep it growing. 

My parents have an industrial property in San Carlos, California that they have been renting out for decades.

My wife as well as my parents are from there and we both have a lot of family living there.

I feel most drawn to owning rental property for a few reasons. 1) I have some familiarity with it as my parents own two small multifamily rentals. 2) I feel like flipping properties requires periods of intense focus and I'm not sure I have the time for that.

I will have little to no debt due to my parents help with college loans and my current savings covering the rest, but I will also have no income, and I know banks look at a steady income while giving out loans.

Parents are in lower unit son and grandkids in upper unit.

We are now forced to leave and move in with our parents until we can get back up on our feet.

Moving out of my parents house.

This strategy allowed my wife to retire early in May 2016 (at the age of 56) to help take care of her aging parents.