(Big/key question is what the % should be)-- After that cash is paid back, they own the property equally 50-50. 

We've always purchased turn-key properties and are now thinking of buying a true fixer-upper at a lower cost and renovating (i.e. adding higher, architecturally interesting ceiling, ripping out walls, and designing a modern space, etc.). 

So I was able to get someone to meet the tenant at the property for the keys and to basically do a quick walk through to makes sure there was nothing major going on or left behind.In my state, TN, apparently, if the tenant is present for the final walk through then the landlord has to give the tenant right there on the spot a list of damages that would count against their deposit. 

@Tyion Bridgeman @Brie Schmidt Since I am still inexperienced in the space, I am hoping to find a relatively low risk turn-key or cosmetic fix-up multifamily property.

Location of your MIL's home, as with everything in real estate, is key.

The key now is to move forward with a clear action plan.Start by interviewing 3 contractors.

Prices will rise here just because they are so low but younger people buying in is key. 

OMG I am low-key freaking out. 

I think consistency and perseverance are the keys to the success that I feel like I am seeing right now.

The key to it all is maintaining corporate filings and documents, both with the state and internally with the LLC itself, and to document the entire structure with an LLC agreement that is specific to real estate and is not just a generic LLC agreement that you can find online.