For a 2400 sq ft 2 story home with lots of TVs and opportunities for gaming, etc something better.

  $35,000 in renovation costs or less is done with a simpler "express" loan. 

Hi @Sam Yin, It would be simpler if the parents did the 1031 Exchange on their own, but the children would not be building their own equity, net worth or have pride of ownership. 

You bring the DP, they bring the ability to qualify, together you find a deal, and BOOM your back in the game!

But first and foremost is for him to protect himself and my opinion is for him to keep collecting the payment and put it in an escrow account to determine at a later date.As Machiavelli put it, "But above all he [a prince] must refrain from seizing the property of others, because a man is quicker to forget the death of his father than the loss of his patrimony.”But for me, it would be simpler: I can't imagine explaining this whole escrow-account-and-don't-mention-it business i to one of our local magistrates here.

@Daniel VernonHave a game plan to deal with the following potentials:Structural issuesGalvanized pipe plumbingKnob and tube electrical

Landlords mistakenly ASSUME all PMCs offer the exact same services and operate the exact same way, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services.This also leads them to ASSUME simpler is better when it comes to management contracts.

AM I too late to the game? 

I'm terrified of making a huge mistake, but equally terrified to pass on an amazing deal that could get me in the game!

Landlords mistakenly ASSUME all PMCs offer the exact same services and operate the exact same way, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services.This also leads them to ASSUME simpler is better when it comes to management contracts.