Might want to let your parents know they should (possibly - based off the numbers) file a gift tax return.... 

You’ll save yourself a lot of headache.I’ve read the books, I’ve heard the promises, I’ve sifted through the bragging of the infinite returns that can be made with no money down.  

Specifically in creating a proforma to determine which of the available size and construction options makes to most sense from a risk/return perspective.

I know great guys who are just overwhelmed, they don't return calls or texts because they're swamped and already have jobs lined up for the next 2-3 months.

You should speak with an attorney about drafting up an agreement between the parties involved detailing the profit and equity percentage splits and your accountant will prepare the tax returns accordingly.

But in my lending days I did a lot of participation mortgages with small developers.. were I would fund 100% but I took upside .. it was risk but we made some spectacular returns..  

Secondly, I understand very well how the process goes - borrow the money for 6-12 months, pay out interest monthly, return it at the end....but I actually have no idea what this deal looks like in real life. 

You need to know if the buyer submitted tax returns, W-2’s, bank statements etc.Realize that an fha buyer can Not sign a purchase within 90 days of the date You bought the property, or it will never be funded.

In my experience, investing out of state in a single family or small multifamily is fraught with risk:1) You won't be an expert in the area (unless you've lived there)2) You have serious tenant risk (1 bad tenant can ruin years of returns)3) Good quality, small asset property managers are tough to come by

Logan Petri and when are you going to return to Indianapolis?