I have a 5% investment with my parents in a commercial property.

You may consider gifting them cash so your parents buy the house in their name, and you get a step up in basis when they pass.

For example, if the value of your home is $645,000 and you have a first mortgage of $485,000 plus a second mortgage of $10,000, the equity is $150,000.WHAT IS NOT PROTECTED:The Homestead law does not protect you against debts secured by a mortgage or deed of trust, payment of taxes, IRS lien, mechanic's lien, child support or alimony payments.Link to Clark County website for more information and form for declaration:https://www.clarkcountynv.gov/assessor/services/Pages/Homestead.aspx

Our entity will partner with their PA LLC under one parent PA LLC.

My feeling is that these folks often are subsidized by parents with money, potentially cushioning rental rates. 

I am 21 and have a wife and child.

Please note that the account into which the funds are deposited must be the same type of account from which the funds were first withdrawn (e.g. withdrawal of pre-tax funds from a 401k could be deposited in a pre-tax IRA but not a Roth IRA - "like to like").Loans:Payments on a 401k loan taken under the CARES Act must be paid back starting in 2021 over a 5 year term.Here are the details regarding the loans:NEW LOANS:The CARES Act which was enacted to provide relief to individuals impacted by COVID-19 allows for increased 401k loans and more flexibility for repayment of these loans.Specifically, you must be an individual who meets one of the following conditions to demonstrate that you have been impacted by the crisis (and it will be your responsibility to retain documents in your files that demonstrates that you are a qualified individual):Individual who is diagnosed with COVID-19, with a CDC-approved test;Individual whose spouse or dependent is diagnosed with COVID-19, with a CDC-approved test; ORIndividual who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, being unable to work due to lack of child care due to COVID-19, closing or reducing hours of a business owned or operated by the individual due to COVID-19; or other factors as determined by the Treasury Secretary.On or before September 23, 2020, such individuals take a 401k participant loan subject to the following terms:Maximum Amount of the Loan: 100% of their 401k balance not to exceed $100,000.

ThanksMy parents own and occupy a water front property home in Florida.

I want as many hands off properties as possible since I run a company.I'm really only thinking on site because when my parents are visiting they could stay in it, plus potential future parents place if either one becomes disabled or needs care, plus we own the land.  

Second, it assumes no financial hiccups in your market like a major employer leaving town, an economic downturn, a labor strike, riots (yes, that's legit....as we know all too well), etc.Third, is assumes no hiccups in your personal life: the death of a spouse or child, a severe accident, an unexpected illness, and the like.Fourth, it assumes you have a series of deals that are "big enough" to accomplish your goals.