I have done a fair amount of legal research in the past several years.

These include penalties, legal fees etc.

In addition to taxes and insurance, maintenance, vacancies, make-ready between tenants (you yourself said its low rent, so the tenants are going to be very transient), legal fees, advertising, and other expenses, you're going to have a significant HOA fee.

HUD has specific guidelines .I must agree with the previous answer....if you really want the house bid at least the list price.

If you find they don't want to sell and you are not comfortable doing a lease back because of the legal repercussions and headaches.

I did not know that owning a property outright offers less legal protection to the landlord.

That can be better than legal solutions when a suit happens.Also make sure that you are operating legally.

I'm not legally old enough to purchase property, but I'm sure I can work out some deals under my parent's names.I'm very eager to learn and I look forward to meeting everyone on this site and making my first deal.However, I'm not sure where to start out.

Would there be any legal issues if I was to sell my house to my sister-in-law for $100 bucks then rebuy it back to avoid paing the taxes on the big gain i've had so far?

Some late comments.DOS - Legally an option might trigger DOS depending on the DOS clause.