However, there are  $ limitations if it is under 6000 (generally) LBS. 

If they are investing with you, you could form a partnership for each deal, where you serve as general partner and control day-to-day operations while your limited partners (investors) provide the capital. 

Kathryn -  obtaining a loan through a lender  will normally require  2 years of  history of  consistent  positive income …...so if the plan is to use this  method of  financing  - keeping  the job is beneficial …..if you plan to use the more creative methods of  financing deals - then this issue isn't quite as important  the other lender issue to be aware of is that many lenders  have a limit on the  #s of properties  with financing an applicant  has in their name …...some cap at  7  ...some cap at  10 ...some may not any cap

@Nicole Richards Many of the answers you are looking for can be found here: How to Effectively Conduct Joint Venture Agreements as a Real Estate Investor596231-how-do-i-properly-construct-a-purchase-with-a-partnership591376-create-an-llc-for-first-partnership-best-way-to-do-so526244-taking-on-partner-s-and-limiting-our-liabilitesGood luck!

I'm not going to poo poo something I've never done.... but my bet is you'd get more out of going to the @Joe Fairless meet up the last tuesday of every month in Cincy... or your own local meetup. 

You’re best bet is to work with your cpa to make the transfer and your attorney to draw the recourse / 1st position papers for your relatives.

The seller can grant you permission to submit plans for approval so you don't have to close on the property to go through the entitlement process (see what I mean--I bet the county didn't tell you that--they give out bad info all the time). 

Everyone has a past, and everyone has their limits of what they will/won't accept.    

BUT, The properties there haven’t appreciated much over the past 20 years I’m just curious what’s the better bet for us just getting started?

Got to think there are safer bets out there.. and it really depends on your financial situation and your stress meter some folks would stress out and lose sleep, others this is just water off a ducks back..