Have enough in reserves, invest in cash flowing deals, and also understand that all investing involves risk. 

Hey Nick,First of all, its a great start that you are involved in RE/Property Management daily, that should steer you in the right direction to eventually buy something of your own.

The numbers on potential immediate return that I've been given by the other parties involved may be slightly inflated. 

I would stay away because since there was a fire it is going to be deemed an unsafe structure attached to it which means architects, engineers involved on top of the permitting process.

HUD may be involved as well. 

I have about $15k saved and am looking to get involved in real estate.

As stated this would be my first investment property so there are nerves involved and uncertainties so take it easy on me! 

Having both involved gives you the strengths from each and makes up for the weaknesses of each.

Lately, I have been reading the various contracts involved in a transaction.

The Parents are NO involved at all, There is NO Trust , NO will - it will be done directly with Deed on the behalf of the minor GRANDCHILD and  appointed property guardian to manage the property and distribute the rental income to the friend.I am just trying to understand  my options before I talk to a  lawyer and CPA .