The condo cash flows about $100/month, but has gained a lot of equity over the years. 

the reason why they want to gift it instead of selling it to me is to avoid capital gains tax. 

I would look toward 1-5 unit properties to gain experience with and then look to grow larger once you’ve grown some equity.

I also don’t want to miss out on future gains.

Taxes on 10k at a cap gain tax is like 2100$ not including any state income taxes.

With the HELOC, be sure to account for the interest payments to calculate the net gain with the new deal all things considered.

We were able to get a home that needed a good bit of repairs with a conventional loan, and they gained a ton of equity in it.

Sounds like you answered your own questionThanks for the replies.My goal, ideally, is to put 20% down, have rents cover all standard costs (mortgage, regular maintenance), then sell the property after ten years without capital gains.

Major gains are made via compounding appreciation.

Understanding depreciation, 1031 exchanges, tax basis, capital gains, financial statements, etc... super helpful!