They're currently renting in Denver under only the guy's name but since the girlfriend is pregnant, they need to move to a bigger place.

If I were you, I'd pass on this property and look for something else (and I suggest a 3 BR) under $80 that you can put a little rehab into, unless insurance pays your family member a bunch of money and they accept a much lower price. 

Just this month, I’ve gotten under contract for my clients for multiple 20%+ cash on cash rental properties so there’s definitely tons of opportunity here.

All under the same master key.

But, this house went under contract in 3 days for $20k over ask, with multiple competing offers, in an area where the average days on the market for newly renovated flips is 100+ days! 

@Brice Alef-Torrisi To manage finances for multiple properties, maintain separate bank accounts for each property if held under different LLCs to avoid commingling, which could jeopardize liability protection and complicate tax deductions.If properties are under one LLC, using a single account is fine but requires detailed record-keeping for each property.

I'm quite new as an investor, but with three books by Biggerpockets authors under my belt and plenty of enthusiasm, I'm ready to keep learning and to connect with like-minded people in my area and beyond.

My partner's client is spending just under 200k for an ADU and will be renting it for 1800/m.

Under this rule, if you spend at least 100 hours on the property and no one else exceeds your time spent, you can qualify as materially participating.

Typically, structures are grandfathered under old codes and zoning in which case it would be called compliant, but non-conforming.