Oh I forgot to mention your parents probably could just quick claim deed you the property as well which may be easier (depending on where you live).As for sub2 deal structure it's just a purchase and sales agreement with a subject to addendum saying that the current title holders are selling you the property for exactly what they owe (i.e.

Thank you for that, actually I forgot to mention, I was only referring to multifamily deals over 5 units in California, things work a bit differently,

The  association I'm in has a program we use that has these properties already listed there but in the South Florida area.But for you.....I read in the book Wholesaling Bible, "To get a pre-foreclosure list you have two options: (1) you can put the list together by going down to your local county government office and searching for and finding the recent lis pendens or notice of default findings; or (2) you can buy the list from a pre-foreclosure list provider/broker."

So I apologize for asking again.... but the one part that actually interested me the most is never mentioned in any other responses.

[Or, does your mentioned 4% cap or 8% cap infer current vacancy or lease rates?

well you did not mention the IRA in original post.. carry on !!

That seemed so obvious that it was not even worth mentioning.  

You didn't mention that.

Similar to @Michael Guzik's mention of Cardone using historical rent, a conservative stress test for your current portfolio is to run a net worth (balance sheet) based on what you paid for the property, not the current market value, vs debt.

Otherwise, to invest locally I would be very careful and use those things I have mentioned about out of state investments.