But knowing your local market and having boots on the ground is a big advantage, especially when you’re just starting out.A lot of people mitigate the risk by focusing on better neighborhoods where tenant issues tend to be fewer, and some just factor extra reserves into their numbers to cover longer vacancies or legal costs.There’s definitely a trade off between control and convenience in your backyard versus friendlier laws out of state.

Since its in his name, if you deed it to you its going to be an arms length transaction and he may have tax consequences etc (as may you down the road).

At the time he would have been 20 and he now has a child and a wife.

What if you love it and don’t sell for 20-30 years? 

I'm currently a contractor operating just outside of Philadelphia and looking at getting into flipping. 

I'd suggest connecting with an agent in your area or search for a copy of a "Purchase and Sale Agreement".

Happy to connect and get on your list for deals

Economy of scale kicks in and they cover each other and still leave cash flow.

Keep learning through books and podcasts, and study rental analysis or house hacking so you're ready to take action when you're legally able to invest.

I would say get together with a trusted accountant and loan officer, both who have experience in rental property, and dig deep into the properties financials.