For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

nice profitability for minimal work and risk Lessons learned?

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $68,100

Cash invested: $35,000

Sale price: $170,000

Bought a dilapidated foreclosure. Renovated the basics of ...

The idea is to buy as many assets as possible using the same or minimal cash so that you increase your wealth. 

This effort has an optional additional family member interested in participating in exchange for access to the vacation unit (doubling as an investment for him).Our goal is to become the owners (or at least occupants) of the first house while minimizing the tax burden for all parties involved.

I do invest in REITs online but they are minimal investments and nothing substantial enough for me to "escape the rat race" and I think the cash flow opportunity and well the opportunity overall is significantly bigger if I invest in more hands on real estate outside of REITS or index REITS.

Complete the kitchen and living area remodels first as that will make your home more desirable for people to rent and will minimize the inconvenience.  

If not, then no worries;  this is a a well trod path and you can safeguard yourself to minimize the financial impact.

Your parents could be liable for capital gains taxes so you'd certainly need to talk through each party's situation and the best way to meet your goals while minimizing taxes.  

Generally, a SFR or small multi 2-4 unit purchased at retail (MLS) will cash flow negative, or at best minimal cash flow WITHOUT a value add.Your best value adds are the rehab and the ADU addition.