One of the biggest benefits of doing the lease option is that the tenants will be responsible for all utilities and maintenance.

Your parents can gift these funds to you after closing and it can go against their annual gift exemption of $14,000 per year with the remainder to apply to their lifetime exclusion of 5.49M in 2017.The only downside to this is that your property tax will be reassessed at the 650k or whichever price your parents agree to sell the home to you at.At an average of 1.25% of 650,000 in CA state, this would mean about $8125 annual property taxes or about $ $677.08 per month.

Week to week will appeal to a lower quality of tenant, AND will put you at risk of needing to find a tenant say during Thanksgiving or Christmas right when it is most difficult to find tenants.You will find out one of your biggest expenses will be turning over the property to a new tenant. 

I have an LLC, and just got my first credit line established (in that LLCs name) last month.I'm here for a few reasons one of the biggest is learning how to obtain financing without a W-2 job, okay credit (680-690) and about 45k available for down payment/rehab use. 

Biggest issue is NOT to have any door locks and a very good trusting family,,,door closed knock first,,,period. 

From my research, they vary on how well they perform but from a management standpoint it can be accomplished.One of the biggest concerns would be over saturating a specific market with too much inventory.

Mostly cosmetic like carpets, paint, light fixtures would be the biggest things.  

They pay top dollar to live in a cool neighborhood.The only downside is they tend to move out every 1-3 years.

I'm not the biggest fan of this for purchases, but it was a very successful product for refinances depending on the client. 

The biggest thing we want to do is add a half bath on the main level or a full bath either upstairs.