In that case, the dirt and the leasehold improvements are assessed separately, and each one pays taxes.Life estates usually come into being when a parent engages in DIY estate planning and deeds the family home to the children, while retaining the right to use the property for the rest of the parents' lives.

Many students are pushed by parents to go to college as they see it as a safety mechanism.

I live in Washington state for now and wish to invest some of my home equity. my parents are local to the Bartlett area and my dad is a contractor who is also willing to do property management.

My grandparent house burned down too, and not sure about my parents house. 

Luckily I was able to live with my parents while I made it habitable so that helped.

@Max Malec  We have the same setup, though our Parent LLC is a partnership (myself and my wife) and this was intentional as a partnership requires it's own tax return, and with the number of properties we had and the income, we wanted it off our personal tax return (if you had a single member LLC it is a disregarded entity as @Christopher Brainard says.  

my personal belief is the asset protection across state lines is over rated. until you get big and you are a target with many millions at risk your best action is good insurance, the out of state stuff is pretty complicated and expensive for a small investor,  best practices, and good insurance should always be your first line of defense, then the LLC firewall, and last the out of state LLC, the out of state LLC does not offer added protection, just more hurdles for someone to jump to find you, setting up a Nevada or Wyoming LLC as the parent LLC forces someone that want to sue to also serve you in that state, and petition the court for who the owner of that LLC is.

I'm sure my parents would love to help me with the down payment.

The daughter of the deceased parents still lives there and has no issue with me getting the property.

This is a parenting issues.....PARENTS need to teach their kids how to handle $$.