Federal Laws Prohibit Discrimination of 7 Protected Classes, Massachusetts has added 8 more:-02.Always know more of the Rules/Laws/Regulations than ANY Tenant.

I would need more info to really help, but feel free to reach out to me any time.

Definitely need to get the reserves up a little more! 

The investors get much more profit out of the property.Recommend having a very open conversation with your FIL, expressing your interest in potentially taking over the property from him.

Class A properties are going to cost you more, have lower cash flow, yet be more attractive to a higher quality tenant base.

Helps a lot to be thinking about tax categories as you enter data.

The strategy there is more about long-term appreciation since cash flow can be razor-thin.

At the price point you qualify for, I'd be looking at a more landlord friendly state with more approachable price points.

In the NE states, AKA tenant friendly states, I would always have a PM to help protect my interests.

Since this is something that is best done with a team of experts that know a lot more than I do I am putting this request with help from the bigger pockets community to get me started on my road to success.