I know on BP they always say don't rent to family and friends and for the most part I agree but to your kids especially when they are responsible and in college I don't see an issue.

Make a similar calculation and provide the numbers you come up with, and of course you need to be conservative (and of course it is the right thing to do.)

I would have contracts in place to protect the interests of all parties so everyone is safe, secure and profitable.

I'm betting there are zoning requirements for renting the storage unit out to another party besides the home tenant.  

In regards to your concerns, you should put together an MOU regarding the terms of your agreement with performance clauses protecting both parties, and eventually lead to a JV agreement.There are several other methods to protect yourself as well as the owner/seller, however, too lengthy to write about.Don't be too greedy, otherwise it will limit your relationships and longevity. 

Seemed like every job was outsourced to a third party and information was never relayed correctly.

Conservative price for house is 130K current rent is $875 because this is long term tenants, for new tenants it could be $975, insurance - $700, taxes - $1300

In Austin, it's very difficult to capture any additional income from vacation rentals using a third party property manager.

It not only protects all the parties, it allows a wouldbe seller to get Full Price, if not more, while some else covers and is responsible for the payments and property.Regardless of the value of the property or what is owed on it, the THTTransfer™ allows someone else to enjoy the benefits of home ownership without the need for a Down Payment or the need to Bank Qualify for a Mortgage.

Do a drive during the day to see what they look like in daylight, and do a driveby at 8pm on a Friday night - because that's when the drug parties are in full flow.