The life estate will spell out the obligations of the step-father (taxes, utilities, insurance, upkeep - or even a base rent that you could use to cover those costs).

It's a good idea to talk to legal and financial experts about taxes, insurance, liability, rental agreements, and managing your finances.

He replied, "I don't know how you keep finding sellers willing to do that".Here is the secret sauce, know and understand the seller's motivation, ask questions, and don't be afraid to ask for the terms you want.It is more common in medium-sized multifamily where it is a business but not large enough to be professionally managed.

My background is in healthcare administration and revenue cycle management  but the past year I have telling myself, I want more from myself which is when I decided to learn and participate in REI.

I got it under contract, she secured private funding and I managed the rehab.  

For these elusive big fish, I'd drive out to the property and talk to whoever's managing it.

If you want true asset protection, hire a property manager and make sure your attorney reviews that contract and get proper insurance. 

We bought a property out of state and that was extremely difficult to manage even with family and friends that were local and could help.As a property manager, we had an investor bring us 50 properties that he was self-managing.

With that level of capital you could acquire & manage the assets & tax issues without the restrictions of the REIT structure.

Your local apartment owner association is a great resource for best practices for management and screening tenants.