The front is a 3 bed/2 bath that required minimal updates prior to renting.

The front is a 3 bed/2 bath that required minimal updates prior to renting.

For a $288K property and your 2nd deal, it's probably worth hiring your own attorney to review. 1) The costs will be minimal compared to the cost of the purchase + rehab, 2) It will give you peace of mind, 3) the attorney may find something and save you $, and 4) provides you an opportunity to network with a real estate lawyer that you may rely on in the future 

However, to my understanding, there is a significant tax burden (whether that be estate or gift tax) on this transfer/gift, since non-resident aliens do not enjoy the same large exclusions as US citizens and permanent residents.Question: What is the best method to transfer this property from the non-resident alien parents to their US citizen child, without incurring a tax burden (or, at the least, minimizing the burden)?

With regular operating businesses there isn't many options to truly shelter income from tax, only structuring things to maximize things like the 199A deduction and minimizing Self Employment tax.There is no magic bullet to wipe out tax by buying real estate, still takes the proper situation and planning for it to make an impact.

My experience has been that screening is the biggest factor in minimizing my expenses (turn, vacancy, damage, maintenance). 

Appreciate both direct answers and general pointers/advice on how to minimize the errors.

KC does offer a nice balance of stability with minimal holding cost though.

The cost in minimal compared to closing costs on your loan and taxes for example and we can’t even avoid those things.

You can do it as risky and hands-on as you want, or minimal risk with less hands-on...and everything in between.