Conversely, if things don't go your way...you run into mold or some other unexpected issue, the real estate market takes an unexpected negative turn, a terrorist runs airplanes into a NY skyscraper...things can go South quickly for you and your family.

For additional reference, I live in TN.

I own real estate outside of CA, both in the country and internationally but have chosen to rent in Hermosa Beach due to the high cost to buy a home in coastal southern California.The apartment complex I live in was bought April 1st by an private equity company who gave all the residents a 60 day notice to vacate so they could due a total rehab.   

If she lived in the property 2 of the last 5 years, the first $250K gain is tax free for her.I wonder if the DIL is going to buy an investment property, why not just go in on it with the MIL and then he gets it through right of survivorship.

Are you planning to rent it out or live in it?

I, the owner, living in one unit of this two-unit building, was never told this.

I am very interested in meeting/conversing with some like minded folks who may be able to offer some advice on where to get started on this journey!!

Reason I ask, is, you may be living in your first rental. 

I worked for a group of real estate investors when i lived in Phoenix Arizona for about 3 years before having to move closer to my family here in Columbia, SC.

If you're not learning/the conversation isn't flowing move around and meet someone new.You can find REIAs here and on Facebook.