Rent house from parent in a hot area, looking at outside property

[Victor George]

Hello, 

I'm renting from my parents at a discount price in a hot area in Raleigh, NC. Looking at buying my first property this year. Please share any creative strategies, or share if you've been in this position, or even just basic strategies that you'd do in my shoes? We were approved for a FHA, at 200K, 0 PMI, , 0 down and traditional at 280K, 4.5%. I am comfortable with 10K in cash for a flip. But I know that may not be enough and I work 9-5.

More descriptive info below - 

Our current house is a 3 bd 2 bathroom house. We love our place, but with interest rates and our area listed as one of the fastest growing areas in the US, property value will continue to increase. Also, my wife and I will be looking to start a family next year. 

I have some basic knowledge of real estate investment. I work in finance with a JD, but I still haven't found anyone in our situation. I've read and even attended a few local meetups. Spoke with a few realtors, but nothing materialized. Also, I'm in a very small private real estate investment group that is looking at purchasing property this year. I don't want to jump to anything, but waiting too long can be costly too.