Looking for advice.

[Mark Y.]

I have enough capital to begin real estate investing but trying to figure out what is the best option to begin. 

1) Traditional method of finding a duplex/triplex/quadplex property with 20-30% down and aim for positive cash flow after all expenses. 

2) Payoff my parents remaining mortgage and have them continue making their monthly payments directly to me. Upon a capital event, I would distribute their current equity gain and retain anything above and beyond. This would also create very good cash flow without mortgage payments or traditional expenses such as a management company. 

3) Purchase my parents residence from them so they can cash in on their equity today - estimated to be ~38% and then act as landlord collecting their current monthly payments. It's good for them to have a pay day but rising interest rates might make it difficult to keep them at their current low monthly mortgage payments. 

Looking for feedback on these three options and open to any suggestions from the community.