I might add, the unit has a garage and the tenant has a lot of tools in the garage so he would likely need to find somewhere else that has a garage.

If they were looking to create some investment income and can afford to buy another home without using the proceeds from the sale of this one, however, a 1031 would be a great tool for down the road if they were looking to trade-up to a more lucrative property or move their portfolio into another market without paying taxes on the sale.It sounds like the tax exempt gain will be the best bet - it's called the Section 121 exclusion if you want to google it. $250k for a single person, $500k for a married couple filing jointly.Best of luck to you and your parents!

(And actually invested in another business with a partner of mine) I don't have money to invest in properties myself (or skin in the game as is popularly referred to) With that being said my credit isn't great and I obviously understand the greater than normal risks involved so I would be happy to take a cut in the profits for the first few deals with higher points as I save up for the down payments private/hml require(I read average is 20-35%) However, I have heard and read about PML/HML that will make deals based solely on the deal without requiring you to put your own money down or checking credit or anything involved because they use the property as the gaurantee.

I live in Texas where LLC's are very popular asset protection tools.  

this technique was a lot more popular about ten years ago , basically you would want a cash back if some of the renovations would not be done.I never did one myself but heard a few people who did, cant tell you if it's legal or not though.that being said, the schl and the bank will evaluate the place and see if it's worth that price.how is the wholesaler getting paid?

. :) It is amazing how many tools are available today.

Often times it seems newbies get into the loan space only to find out they need more tools than the latest greatest guru seminar told them about which is roughly a FC attorney and some form letters.  

2 Points:@Dalton Hirst I sent you a Portal, great tool for property access that we can both use.

Real estate is also becoming a very popular investment strategy.

@Vina Real a self directed IRA can be a great tool to build your wealth with significant tax advantages.