@Brian GonsalvesYou first want to have a conversation with your parents to see if they are on the same game plan of transfering title to you.The downside of transfering title to you now is that you get transfer basis and don't get a step-up at a later point.Are your parents expecting the income from the rentals to fund their retirement?

What kind of lifestyle do you want (working everyday or retire early)?

The owner wants to retire and get out but he has been waiting for the payout from insurance for a year.

After all, the ultimate goal is retirement!

He is an adjunct professor with no benefits or retirement.

My goal is buy/hold for income & retirement purposes so this does fall in line with my goals.

"At that point, I'll be able to cash it all in, retire, and do what ever I feel like""What would that be," asked the fisherman."

Considering that you are retired, if you can live comfortably off of this property and would like to lower your risk, you could consider paying the loan off. 

Now that the children are all grown, we are retired from the USAF, I have found the best ever Hobby in the world, REAL ESTATE INVESTING, I love it!!!!

I learned from Jeff there are other ways to help secure retirement besides a 401k.