A few questions are: What involvement or risk do the other two have in this process?

I have heard great things about Bigger Pockets and started listening to their podcast and want to be more involved on the site.

These kids work like dogs, long hours, so being in the downtown where conveniences are is great.The one constant between all of them is that their parents are very much involved in the process.

Reason is you could get involved in lawsuits based on something that the prior owner did, and the tenant decided to sue the LLC after your takeover.

Hi Dan, rentals are certainly a good strategy, but there's a lot of work involved before it becomes passive.

Lots of info and eye candy. 

Welcome @Stephen Burtin - stay involved and stay active.

Sometimes the appeal of cash flowing properties like these are quickly squashed because of rehab expenses involved. 

The day before listening to this I was afraid of what steps to take to get involved in my first multifamily deal.

Simply, as an agent, there is more disclosure involved.