Quite honestly, it might be better if they left you off Title and just let the property pass to you upon their death --- if they haven't already, they should have a Will prepared. 

So be prepared to dig.

The rates and terms are less favorable for commercial deals unless you have a relationship with a lender so be prepared for that.

But each year, your tax preparer will need to know how many nights you rented it for last year, and how many personal nights did you use it for. 

If you want to raise some $ and do joint ventures, track record and experience mean way more, but a degree adds, but doesn't subtract. 

Part of an engagement letter with a real estate lawyer reads like this:“Attorney makes no guarantee whatsoever as to the investment outcome of the proposed venture, and Client is advised that Client may be sued for damages by investors under many theories of law should the investment fail, even if all securities compliance matters have been correctly implemented.”

@Rachel MorrowNice work on getting prepared and taking action.

Please make sure a tenured contractor has prepared a budget, unless you are in the trades.  

There will be loan preparation fees, appraisal fees, etc. 

I live in K-zoo, and I can tell you be prepared to pay up.