This driven by high stock market valuation and the rebound of the real estate market across the US.

The initiative was started by a well known commercial investor here, Ken Weinstein of Philly Office Retail, with the idea of helping residential investors do what they do, to improve the housing stock along side the commercial corridor work.The plan is to remove the barriers of entry for beginning and novice level investors, namely knowledge and capital.

Joe Bertolino very well said Joe, I always ask people do they only buy stocks or mutual funds in companies that are in the city they live?

Sense it is dead of the winter you might be better of too lower your rent to get a good tenant.Joe Gore

These are funds I don't expect to need for 10 or more years and they go into stocks, bonds, mutual funds or get invested in other properties.

But the father and son are both dead now and the wife is semi-retired and I am not interested in buying anything in NJ anyway.

They are more work - normally the units are furnished and stocked with towels, dishes, utensils, etc. ... kind of cross between an apartment and a hotelIn your situation, I presume they are bringing their own furniture, but you may want to consider renting furnished as there is less wear and tear to your unit with all the moving in and moving out.Here we are not allowed to require or accept rent more than one rental period in advance.  

Yes, this gets more involved, but making an investor a member can be a big plus avoiding lending issues and having to file liens when accounting practices can govern capital contributions to a specific deal.The Series LLC is not available in all states, there are advantages as to liability inside the entity and between partners, but it can also have other issues requiring all members execute notes, assignments and contingent liabilities when the interests of others are significant to the LLC, a member's cell may be able to conduct its own business and that member may be required to be subsidized in some cases.Don't forget in the replacement of members to include the refusal to act in a given time period from notice, it's a real pain when the guy just won't act but isn't dead or incapacitated. 

You know you can buy stocks in a real estate reit.

Chinese stock market took a nosedive (~25%) this week and last.