Try to minimize financial loss in the process which is what you did.You can still try to pursue him for damages.

For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

So here I am, having recently been laid off from a primary job (I have 2 full time tech jobs) and am not only SUPER glad I don't have that 3K a month mortgage to deal with (that said I am making the same from my one job now that I was when I lived there, it was only after I sold it that I picked up the second job but you'd be amazed how you get used to having a 30K a month gross W2 income, even with one job loss it still feels like you have none despite having a second...) and am living in a house that costs me less than 1K a month mortgage wise AND...that house that I sold has barely moved in value at all since I sold it.

And, two, - with these vacation rentals I am thinking I can do better than double the income, thus cut into some of this economic loss at the property.When looking at real estate it's important to see past real estate :)

I was hoping to purchase a couple of properties from my parents with the ultimate goal of minimizing tax burden for them. 

This house is around 700 sq/ft with a sagging roof, 1 interior wall separating this area with the kitchen, minimal floor joists, hardly any electrical and no plumbing.

I just think it's harder for some people to save up plus I want to minimize surprises such as tenant racking up huge bills or suspect water usage (We are in closing now where seller just found out tenant hasn't been paying water bill and it's $1300 and tenant SD is only $800).

The quicker you move past it or save the deal the more ready you’ll be for the next opportunity.REI is full of loss.

With the appreciation, tax benefits, offset mortgage, etc. the upfront costs in undertaking a good sized project are minimal compared to what is possible 5,10,15 years down the line...Just something to keep in mind

So they'll be closing fees, but should be minimal.