You'll also find that even major cities in Texas have predatory dealing ordinances with real estate, it's also addressed at the state level. 

I am pretty sure the law says I have to provide a home that maintains a temperature somewhere in the upper 60's, but that seems frigid.

Are you looking for a fixer upper, foreclosed  cproperties or one that is ready to move into?  

If you are a lawyer, high level executive, or something else that pays well but takes most of your time/concentration, then I think passive investing is a great deal. 

Avg 80+ units and mid level hotel cap 6 % and better.

My first was a fixer-upper that we owned for 7 years and sold for a good profit about 3 minutes before the real estate market crashed in our area.

I've lived in NYC for 7 of the past 8 years (had a year of traveling in between) - in Manhattan, both upper and lower, for 5 and now in Brooklyn for the past 2.

They all have equity and all are considered fixer upper/opportunities to me where I can improve the value. 

Send them a postcard or letter telling them you specialize in buying fixer-uppers and wonder if they would consider talking to you about selling.

It's a good price point for entry-level landlords and creating turnkey properties can become a lucrative business for you down the road if you learn it now.I would tell your family it's risky but the risk is backed by real estate and the worst case scenario is that only 50% of their money may be returned - come prepared you're asking for their money so they have the right to question and examine all of your ideas and assumptions.