So, I am going down the rabbit hole of researching moving my 401k and my wife's 403b from a former employer to a Solo 401k and a personal Roth IRA to a Self Directed Roth IRA.

@Jared McCulloughIncome from rental real estate is not subject to Self Employment tax, therefore an LLC is generally fine for buy-and-hold.

Despite hemorrhaging >80,000 oil and gas jobs in the last 2 years Houston employment rates are the highest in history at the end of 2016.

In the long run I want to employ buy-and-hold more than flipping.

This in turn makes any mileage you have as a deduction on your taxes as a self employment business expense and any other expenses you may have should be tracked that aren't reimbursed by your parents. 

Do they have employment here in the states, are they students, what is their situation?

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.History.

Credit, landlord history, criminal history and employment are critical.

1099 income is self employment, meaning your claimed income will be ignored by any traditional mortgage lender (no, issuing yourself paystubs or showing bank statements will not work), and we are forced to just go off of what your tax returns say.

If not an employee, an uninsured subcontractor.In OH, the employer is responsible for buying the insurance coverage directly from the state.