About a month ago, a friend of the family passed suddenly at 50.

I replied that the answer is for its entertainment value.

You don't want the animals on your property, so don't accept them.I would only allow the parents to move in if they were willing to sign the lease and pay market rate, and that assumes they pass your screening (based on what you've shared, I doubt you're screening applicants properly).

That can be corrected easily via confirmatory deed.If instead the wife was the executor of the estate to which this parcel actually passed, she should have obtained in writing a disclaimer from each heir who declined to accept the bequest.

My ultimate goal is to build wealth to pass on to my children.

A cap of .10 would give me pretty close to no money in the deal at a 75% LTV.Also - If someone wants to cough up enough cash to buy it out right, I'd entertain a partnership conversation. 

My plan is to pass my real estate license (pending state test date) and funnel any commission into purchasing multi-families.

We paid the plumbing bill 40%, roughly, at passing rough in, and the remainder at passing final.

Househacking will allow you to find slightly distressed properties that many other homebuyers will pass on

@Josh CorbyLLC's are pass-through entities unless you made an election for them to be taxed as an S-corp.You earn income as the LLC earns income regardless if the profits are distributed or not.Draws normally only effect your basis in the LLC.