Hey Roong, I think if you're looking to get ahead of the gentrification curve, you might be a little late to the party!

A few questions are: What involvement or risk do the other two have in this process?

I have heard great things about Bigger Pockets and started listening to their podcast and want to be more involved on the site.

These kids work like dogs, long hours, so being in the downtown where conveniences are is great.The one constant between all of them is that their parents are very much involved in the process.

@Suki Su it all depends on the party from whom you borrow, I would budget 25% of the total amount that you need to borrow as I believe that is what you’ll find most commonly but again it all depends on the lender

Reason is you could get involved in lawsuits based on something that the prior owner did, and the tenant decided to sue the LLC after your takeover.

Hi Dan, rentals are certainly a good strategy, but there's a lot of work involved before it becomes passive.

@Freddie Williams, if you are going to do a seller carry, I recommend you use a third party servicing company to make sure the payments are being applied towards the balance of the seller carry note. 

Welcome @Stephen Burtin - stay involved and stay active.

Sometimes the appeal of cash flowing properties like these are quickly squashed because of rehab expenses involved.