To summarize , there are a lot of questions you need to ask the real estate agents involved in this. 

Also included should be the Percentage of Profit Split (after all parties involved are made whole).

.• Long-term, I would handle all operations and decision-making, and my parent would receive passive income without having to be involved in day-to-day business.Where I’d love advice from this community is on structure and timing — especially if entity setup becomes essential for securing financing and scaling efficiently:• Would you recommend first leveraging equity through personal HELOCs and contributing those funds to an LLC — or is it smarter to set up the entity first and structure financing from there?

The third issue involves return on investment. 

So if there's a third party lender involved - some people just don't want to deal with that.

I get super paranoid about these things, especially when there is a lot of money involved.

Ask about CAM (common area maintenance), utilities, build-out costs, and annual increases.Review Key Lease Clauses:Assignment/subletting rights, renewal options, recapture clauses, and repair responsibilities — these matter as much as rent.Check Landlord Incentives:Vacancy is up in many markets, which means landlords may offer free rent, TI (tenant improvement) allowances, or more flexible terms.Line Up Your TeamHave your broker, attorney, and lender (if financing improvements) involved early.

@Victor ValenciaThere may be some solutions that could work for you, including to avoid or reduce property taxes if that is your primary intent, but I think you're finding few people commenting on your post given the complexities involved, and the number of moving parts. 

I had an airbnb for about 6 months then turned it to a LTR because of city regulations, but I understand the work involved in setting it up and running it. 

. ;-)Foreclosure is a very complex process involving lots of laws and procedures.