Heck my parents house have a spring that was intentionally routed through the basement. 

And I agree, I will not change the security deposit amount.Question, I assume that if I had the students parents cosigned the original lease, i would need them to cosign this Extension agreement also?

My wife and I have come into a situation where we are looking to gain a single family house via quitclaim deed from parents.

Even if it means, I just keep his name on it as wellI'm no CPA but from what I understand the lifetime gift tax exemption is $11.4M per spouse, so between your parents that's quite a bit.

The other friend doesn't have much experience other than having bought his parents a condo, bought their old house and is currently renting it.My initial plan was to get started slowly.  

I find it interesting that he doesn't allow children or single parents, but in the article justifies "no single adults" by saying, "most of my properties are family homes".

I was still a teenager hen I purchased this property but since it went into a trust, my parents saw the paperwork through.

Set up a parent LLC with children LLCs.

I've heard rumblings of the blockchain (the technology behind cryptocurrencies) coming to real estate soon (as "smart contracts" that are less prone to fraud).My propensity to understand a wide amount of knowledge started with my parents.

That is what a beneficiary is, the entity that benefits from the parent organization.