I have gotten into real estate just recently with my parents. 

You will own a property that has these risks and 100 more:car falls on leg of customer and he is young and incapacitated and sues you tootenant pours poisonous degreaser into public plumbing an it leaks 200 feet to neighbor properties, they sue yourobbery happens and child is trapped in the bay and survives, the parents sue youteen comes in with their helper dog who bites clients, they sue youfireman falls through the roof in a fire (chemical fire) and is disabled because the roof wasn't to code...Although you are only the landlord you have duties to health and safety of the employees, clients who walk in, and the community.Look up: Ng to the Ghost Ship landlord in East Oakland

This was owned by a family whose parents had passed away.

Statistics say only 5% of our decisions made every day are conscious and controlled.

As a side question, have you considered structuring the deal so that you own the land outright immediately and simply make support parents to your mom for 30 years (or death); whichever comes first? 

I now invest from Italy but fortunately for me I'm from NE Ohio so for my last 4 properties I just use my parents address as it's my location of residency.

Regarding final punchout projects, that may free up some of your time but it also gives you an opportunity to observe the almost finished product to help maintain quality control.

Too much is out of your control. 

The bigger threat on the horizon from that is less about whether your house was a bad investment (inflation will assuredly make it a good investment from a leverage perspective) and more about how miserable you and your tenants will be when you can't buy anything because supply is diminished and inflation is spiraling out of control.

Since there is no custodial requirement for the 401k, you don't need the additional expense and administration of an LLC to obtain checkbook control.