You have a ton of say about what goes on in the property that allows you to keep a close eye on the home and those in it.

For the last 22 years I've been involved in real estate as a house flipper, with extensive experience in building and renovation contracting, owned a residential property management company, and now have a private money lending business (licensed NC re broker).

I'm still learning the industry,  but I have been able to partner with a CDC based out of texas and they have been a great help and they have allowed me to get involved with getting investors for their project and I'm definitely excited for it.  

The location really caught our eye—close to Uptown Charlotte, which is always a hot area.

.: Quote from @JD Martin: What I would probably do is just set up an LLC or Trust involving your kids such that the property and benefits were owned and distributed by the laws/rules governing the LLC or Trust.

If you have it in emails etc. you could have a position - but as another poster mentioned, giving up $100 a month in rent to only paint two rooms is very very generous so I can see how they thought there would be more rooms involved.

I already have my eye on 2 or 3, but I would like to find a realtor who works in the area.

However, make sure to check the program’s guidelines and requirements—sometimes there’s added paperwork or inspections involved.

You may want to involve an attorney for the purchase and sale and mortgage agreements though... 

My eyes are now wide open.