B property in B/A neighborhood you can get 2-3 unit (no rent control)B property in a C neighborhood you can get 12-16 units (most likely rent controlled and a fixer)A million in this market doesn't get you to far at all.

We are hoping to put the in-law apartment back on the market for summer 2021 but so much depends upon how well the pandemic is brought under control by then.

@Jennifer Konikoff the hoa has no control on financing.

These are (some of) the same people (my buddy is one of them) who think that they will always qualify for subsidized healthcare as long as "their income can be controlled," and that there won't be any asset-based testing or rule changes in the future.  

Having said that you have a bit more control over what goes into the place and can build some equity.Make sure you run the numbers before you look at the place to see that the rent covers the expenses and keep in mind you are buying it as a rental, not your personal home.

For either of these accounts, you have control of the investments until the child reaches the age of majority in their state (18-21 depending on the state). 

@Nicholas I too took advantage of the cares act,to invest in RE.You can take up to 100k if you have been affected by covid,w/o the tax penalty.I was furloughed in March that was my affect.If you are still employed or furloughed you may also be able to borrow and pay yourself back with interest.I love it because it’s pretty quick turn around if a deal comes up.My company changed from an employee owned company to not and we received a lump sum for our esop.I lost 21k during the switch over and decided I would never lose money that I didn’t have my hands on again.I control my investments now and wouldn’t have it any other way.Best of Luck!

They are basically just saying they believe they have no control over their children, which is false based on the fact other parents have control over their kids. 

That's one of the problems with buying properties yourself in your SDIRA.You need to look into the disqualified persons and prohibited transactions rules for SDIRAs, as well as checkbook control IRAs.

@Scott FrameMost lenders/brokers don't or shouldn't have control over the cost of an appraisal.