The key whether they are worth one dollar or 1 billion is what is their motivation with the property and how can you craft an offer that creates a WIN-WIN to get to a yes where both parties meet their goals?     

The key difference between the two is that IRR requires modeling an exit, and for inexperienced investors, that one major assumption, years in the future, has an outsized impact on IRR, which is less than ideal.

While I do think that there are a lot of reasons to remain cautious and underwrite as if there will be an adverse cycle during the life of any asset acquired today, I think the long bull run in income property has a lot of runway left in a lot of geographical areas.Your family is smart to save some dry powder to take advantage of opportunities, but I suspect that if they are waiting for a reset of pricing and an opportunity to buy at a discount to today's pricing they'll be waiting a while.A key difference between you and your dad is you have a lot more time to make your money back if you get into the market and subsequently get wiped out. 

Have I sacrificed anything up til now trying to figure out MY ENTRY KEY TO THE RE World?

Looks pretty turn key. 

Reviews are key.

There can be specific circumstances that influence the entities used to perform transfers like this, so it would be important to find an attorney who know how to set it up right.

@Val Jaz I don’t know much about this, but you could do cash for keys to try and get them out...say a couple hundred provided they leave the place clean and not damaged.

Now they come with keys, just don't give the tenant the key.

Knowing this info is a key factor in knowing how much the property will cost.