I understand why you think that way, but in real estate it isn't efficient, especially in a market like this.

However, like others have mentioned above, there are actually a few ways to handle this that could make it more tax-efficient than a straight gift or purchase.For example, your parents might think about putting the properties into an LLC and trust.

As for property management, it is a very daunting job, thankless, and difficult to make money, unless you are very efficient.

To be a successful PMC you must be efficient.

To pull off a smart and efficient closing, you'll need to have a tight closing and launch sequence. - To expound a bit on the above, schedule inspections, appraisals and post closing requirements as quickly and as far in advance as possible.

I’m Selma, based in Florida, and I’ve been diving deeper into property management and the tech that makes real estate operations more efficient.

Another reason to consider using an agent is that it may not be the best/most efficient use of your time to field calls, set appointments, and answer questions from every inquiry. 

Additionally, the existing structure can be upgraded with modern amenities, energy-efficient systems, and improved curb appeal to command higher rents.Future development on the RM-1 lot allows for constructing additional units, potentially transforming this site into a multi-family or mixed-use development.

It’s a tax-efficient start.From a tax angle, house hacking lets you write off part of your expenses and then, once you move out, the property becomes a full rental with depreciation and other tax benefits.

It’s a great place to start building experience and scaling efficiently while keeping management straightforward.