Generally it is considered not a good idea to rent to relatives.

Doesn’t have to be real estate related.

Rentals in the area are charging about 1000-1400 per bed room (I like to relate price to bed since student rentals here kind of revolve around that Idea and seems to be a significant factor.....how much does Mom and Dad need to pay to keep Johnny UCSD student Housed. 

I’m a relatively new investor & I was talking to some buddies and they basically told me to avoid single family like the plague because if one person leaves you’re at 100% vacancy.What do you guys think?

OR should I try to work full time in something related to Real Estate (maybe working as an agent or GC) and try to invest part time?

I'm proposing each partner put up 50% of the down payment and any fees related to closing.

You could also get the down payment gifted to you, from a relative perhaps?

Explore over 23,000 real estate-related companies here on BP, you will, after some time and vetting, find your next property manager in your area.

No grocery stores and everyone must travel 30 minutes one way for most things they want.You will be hiring a crew or crews from Buckeye, Az. most likely and getting supplies to Gila Bend will increase your costs.Rents are very low and I know of a couple of homes that have been on the market for a very long time.The town just had a recall election for the city council seats so even the town is in a little bit of turmoil when it comes to how it is being run.Renters burn a lot of landlords and everyone is related to each other.

(I'm not an attorney, consult yours)The first would be the promissory note, that outlines the terms of the loan, and the second would be a properly recorded mortgage, which defines what collateral can be claimed in the event of default, and the related process for making that claim.As @Robert Kinsey mentioned, 5% would be a bit low for me as a lender, but I'd be very happy to pay it as a borrower.