I believe your cost basis will increase to the day you take ownership vs. waiting until he passes.  

Certainly this is not the case for everyone but a cautionary tale nonetheless-especially being out of State.My CPA is referring this investor to me because he knows I like the Lansing, MI area where prices are similar but taxes are lower, labor cost lower, and lots of economic development because it is the State capital.To your success!

If you are looking for a higher rent in relation to cost it is great.

Conduct market research to determine competitive rental prices for each unit based on other split-unit rentals in the area.

I think you'll cost yourself more by not allowing check ins and check outs on holidays.

The RTP area, comprising cities like Raleigh, Durham, and Cary, is an attractive option for several reasons:Strong job market and population growth, driven by the tech, research, and education sectors, ensuring consistent rental demand.More affordable home prices compared to Charlotte, allowing for better cash flow from rental income.Areas like Cary, Apex, and parts of Raleigh have newer construction townhomes/condos that fit your criteria.Potential for long-term equity growth, as the region is seeing steady appreciation.Some recommended areas to consider near RTP:Cary (especially newer developments like Amberly)ApexNorth RaleighDurham (for slightly lower prices)Charlotte is also a solid option, though it may be more expensive:Strong financial/banking sector driving job and population growth.Higher home prices but potentially higher rents as well.Newer townhome/condo developments in areas like Ballantyne, University City, and South End.Robust long-term equity growth potential, but higher entry costs.

Just counting the costs and praying to try and make the wisest and best decision.

Keep in mind, taxes and insurance costs in California are higher than a lot of areas.

Also, if you don't mind... what is the cost of this?

I figure a one time expense to prevent major water bills in the future might be in my best interest as long as it doesn't cost too much.