New property, need advice

[Bryan Jackson]

So first of all hello! I've just started into real estate property management, currently listening to Brandon Turners rental property management book with a lot more research to be done.

So quick info. Just "divorced" about 8 months ago, with a co-owned house (hoping to get my name off the house soon). So I moved into my parents house in december to get back on my feet, and while I was looking for a place to live, they decided they had enough of living in that house, and wanted to move into their forever home. My parents have refinanced (from now on itll be referred to as "old house") the old house so often that they still owe almost full price on the mortgage. Since they owe almost full price on the 160k house, they are going to just give it to me (at my request) and let me manage it.  We are going to get it refinanced or title transfer or whatever once I get it within range of it being with a range that a lender or bank would let me refinance. (I am looking at how to get it transferred)

Other info. My parents have decided to let me live with them for the foreseeable future since they're having health issues (nothing serious or expensive) so they've given me a time limit of 5 years. So I have 5 years of 0 expenses other than the basic necessities (insurance, gas, custody lawyer, kids, etc).

So since I have a great opportunity here, need some advice on possible ways to take advantage of this. You all have a lot more experience and just looking for ideas and advice where I can find it.  With my overtime at work, I can really push it in within the next 3 years and have more than half of it paid off. Or I can use the money I'm making to invest in other properties? Not sure how to really make the most of this.

The house is 153k left on the loan. Mortgage is just shy of 1k a month.We currently have a tenant in it renting it for 1500 a month.