I wanted to move out of my parents house.2.

Always control your own money.

They are a 2 parent household with two children under 10yrs old, no pets, both adults are working and have been living in this building I bought for years.

Some parents want lots of AP classes or special Ed programs or diversity in their school.

I'd maintain control, and the operating agreement would be such that if we don't pay me $x/mo, he could take full control/position of the LLC.Alternatively, I could stand up an LLC and have the seller make a $75k loan to the LLC with terms, and acquire a commercial loan for the remainder.

What would be the best (cheapest) HVAC system for a duplex conversion type project with the goal of having independent climate controls in each unit?

Here is one that is currently going around in my town of Waterloo, IA that i think could be a big deal for landlords:The Community Development Waterloo, Iowa Lead Hazard Control Grant completes improvements to your home to remove lead based paint up to $40,000.Both owner-occupied and rental homes can participate.Your home must have been built before 1978You must be income eligible & have children under the age of 6 who reside or visit frequently.This money can be used to replace windows, doors, or siding with lead-based paint.

To be completely honest, I'll have to borrow a large portion from my parents to have the cash so I'll want to be able to reassure them this is a good idea. 

Is there rent control?

Multifamily over 4 units is valued based on cap rate and NOI, which provides an additional opportunity for upside that is in your control as an operator.