I hope to be sucessful in Real estate in the next 5 years and be able to take care of my aging parents and in-laws within 10 years.

You would want to make sure you have controls in place to definitively keep each of the assets and liabilities separate for each underlying entity.Another concept you might think of is actually opening the company as a legal entity with your desired name and then turn that company into the parent company and manager of all of subsidiary companies consolidating up into the parent.

The property I am pursuing is owned by the seller but there is a additional lot with a garage that is owned by the sellers deceased parents.

Alright, so my situation is Monday I will be making an offer on an HUD foreclosure with full cash that my mother is giving me from a mutual fund that was to be my inheritance(60K).

My agent has suggested that my mom...

We have mine , hers, and ours kids.. and managed to get all 3 together yesterday and go to my parents' house, and out to eat with Dad.

I know my parents won't.

Ivan,You posted in another topic about an inheritance.I commend you for not going and buying a bunch of crap with it but wanting to invest it.I have seen some friends inherit large sums of money in the past that the grandparents and parents sweat blood and tears for them to have and did without to give them a chance at a better life.The friend was irresponsible and lived "high on the hog" for a few years and is now broker "working for the man".I think what you are underestimating is what it will take to do repairs correctly,the time involved,and how buying incorrectly can wipe out a large chunk of your wealth.Not knowing what kind of existing annual return you are getting on your money is a huge red flag.You have to compare the RETURN versus the RISK when moving money around or allocating a percentage of your portfolio of investments.If you don't you are "shooting in the dark" and might as well take a trip to Vegas and play the slot machines with your money.DON'T talk yourself into something and say "it's not so bad".That is what I am seeing from your posts and is the number one mistake of new investors.

Alex,Why would you need to buy it from your parents vs. the current seller?

I have an attachment to this type of property as I was raised in a similar townhouse on a beautiful lake just around the block that my parents still live in til this day.

He can't kick you out for making complaints.Did you talk to the parents?