The current Deed specifies what interest the deceased parent had, and can control what happens to that parent's interest when he/she dies.   

That is a fantastic price even if the neighborhood is a little rougher.

But you can't control how people live.This has ignited a question in me for @James Wise @Nathan G.

Also, if you haven't read Set for Life by Scott Trench that would be a fantastic place to start. 

I contemplated the idea of just changing the design concept to have it be attached to the main home, but even in that scenario, the explicit CCR's against even renting one room seemed too controlling to be sane, considering that if this worked as we wanted, there were like 200 other nearly identical situations with lots with homes in that neighborhood that we would have just wanted to rinse and repeat that strategy.

Oregon has layers of LL/tenant law including statewide rent control, city ordinances, changes to rental screening and security deposits, etc.

The long way: Learn about Self Directed IRA rules, Checkbook Control IRAs, and Self Directed 401(k)s.

This is nothing more than the ultra liberal politicians that are currently in control bribing the voters to keep them in control.

OPM is a broad way of saying, you have none of your own money in a deal, but you own/control it and make profits from it.

That is fantastic advice.