Need Advice on Newbie Investment Strategies

[Melani Sweet]

I'm new here and eager to connect with others!  I am currently putting together a business plan/proposal together for several reasons, and I have so many questions. I need to know that my ideas are sound in theory and solicit advice.  First, my parents are considering income properties later this year. Second, I would like to jump in and contribute by identifying properties, rehabbing, and managing the properties... and then build the family portfolio from there (for a percentage maybe? Not sure how to structure a partnership like this with family.) 

All advice welcome!!

1. I am a stay at home mom in Colorado and currently going back to school and do not have very much cash. I am interested in learning REI for the below reasons.

2. My parents in California will be receiving between $3 to $4M in easement options on their family cattle ranch and need to invest in income properties in a 1031 Exchange.   

a. Need to determine how to best and correctly identify and purchase a number of rental properties in a short amount of time - work with a Realtor and/or wholesaler?

b. How to determine the best area for them to invest in. If they choose their area in California, that could be only a few properties. I would like to steer my Dad towards the booming market of Vancouver, WA and surrounding area where we would like to move. Risk is not knowing the market as well, but I have been doing my research. 

3.  $750k of this money is earmarked for purchasing a residence for me. or trust planning purposes, my folks need to even things out between my brother and I. My brother was "gifted" some land to build his house, and now will also receive an easement payment. I live in Colorado, but want to possibly relocate to Vancouver, WA and Portland, OR area. 

a. I want to find a really good deal on a "forever home" and have enough left over for a rental property. This would start my husband and I out on our investment journey as well. Ideally, we want to buy a rural property that might have another rental suite on the property.  

b. Should I try to jump into the real estate game here and now in Colorado? Should we try and find a partner to try our hand at flipping for shorter term gains now?

Ready.... GO!