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So, this might be a bit radical - and would definitely take some conversations with your wife - but here's what I would do:You mentioned friends and family in the area - I would stay with them on a month-to-month rental basis.

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Once the conversation starts, you will slow try to get a feel for the conversation and try to hint to him that maybe you are interested in starting your real estate career with your parents current rental and see if he would like to part with it. if he express some interest, then that is where the negotiation start, however if he doesn't express any interest in selling this house to you, ask if he has other properties that he wants to sell off.

"private entrance" vs. referring to it as its own unit) but if you can legally rent a room in your home (to a roommate), I see no reason you couldn't rent the whole floor.  

Just shoot me a private message. 

And by a small operator, I am referring to contemplating getting started and researching whether this could be a viable and legally acceptable strategy for an individual looking to do a few deals a year, but potentially exceeding the magic state set number for private sales.

Yet.)The actual Request/QuestionWe are currently having a lawyer draft up a contract to define the partnership (as private persons, no company structure yet), and it would be very helpful to me if you could look over the main points and give me feedback!

This is the only way to do it that makes any sense as having 100 separate conversations every single day for a property that can only be sold to 1 buyer is not a logistically feasible way to run a high volume business like ours.

That business model works well for more static assets (private placements) but is not generally best for investments that are more time-sensitive in nature or involve a lot of transactions (rental real estate, tax liens, etc).There are a smaller number of firms that provide plans offering checkbook control.