Sufficed to say there haven't been any improvements to the main house on the property in that time.

It is also one the edge of a historical district and has lots of very nice homes in and around the area.We made an all cash offer for just under the asking price, as we wait to see if our offer is accepted we did have some questions.Rental comps in the area go for $800 and $600 respectively, how much of an improvement investment should we make into these properties to make them rentable?

The area is improving and the prices are reflecting that.  

Landlord shall have a lien on any improvements, materials and personal property within the Premises to the extent permitted by law for amounts owed by Tenant following any Default.

I spent about 5 years as the facility Director at a conference center, which basically meant my job was maintenance and facility improvements of the 640 acres and over 50 buildings.

I spent about 5 years as the facility Director at a conference center, which basically meant my job was maintenance and facility improvements of the 640 acres and over 50 buildings.

I agreed to pay them $500 per month up to $7,660 to cover the money that they had tied up in the property for previous improvements.

Nothing on MLS seems remotely close to being able to acquire and improve to boost the ARV for BRRRR.To date, the best I've been able to do is find homes that need most repairs to make rent ready (say < 20%) and then rent them out but cannot refinance them because I can't improve the value enough so I simply try to find homes that will Cash on Cash > 15%.  

I could be wrong but I f you sell, I don't see that improving your credit score as the debt is off the record.

It's also important to me to not impose any liability on my parents if my plans go south.If you get outside of the box a bit and both your parents and you are comfortable with it, then you may be able to still arrange such a thing without inheriting now ... for example, you could "manage it" for them rather than "inherit it" from them, and may even be able to have them pay you a reasonable management fee for that (double check) ... then in the end inherit all you've managed with the stepped up basis on an expanded and improved portfolio (assuming you did a good job managing).