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. 

The idea is to get the money back into cash reserves as quickly as possible to minimize risk.Truth be told, I know the number I should have in an emergency fund.

Expect only minimal cash flow but as a physician can cover and once paid in total will generate 12-15k a year profit including property manager fees.

He paid on time, with minimal reminders.For the new girls, I have ALREADY let so much slide or don't take potential opportunities.

If it comes back bad, we'll likely cut our loss and walk from this.My question is around the lead based paint inspection contingency.