How Should I Use Loan From Parent? BRRRR vsLive-In Flip vs.Rental

[Khaleel Jenkins]

Hey Everyone - My girlfriend and I live in Orange County, CA and are 25 and 24, respectively. For work she does tech recruiting and works remotely, while I work as a project manager for a custom home, design-build company, based in Los Angeles. Though I love what I do for work and see myself remaining in the industry long term, we are passionate about achieving financial freedom and understand the opportunity available through real estate, to accomplish this. That being said, with our lack of experience and the state of the current market, both nationally, and especially here in California, we are suffering from analysis paralysis and instead doing nothing. 

We're familiar with various strategies available: BRRRR, House Hacking, Live-In Flip, etc. However, we aren't quite sure which direction to head down. Due to my familiarity with construction, we are leaning towards BRRRR or a Live-In Flip, but based on our financing scenario, we are seeking advice from the BP community.
 
On one hand, though we make decent income combined, we are not in a place where we are able to invest our own capital in such an expensive market here in California. On the other hand, we feel uncomfortable trying to manage the tasks necessary in long-distance investing, in our first deal. Our ace in the hole, however, is that we have parents that are capable and willing to serve as a hard-money lender of sorts and give us extremely favorable rates. Though this is obviously an enormous benefit to us, we want to ensure we are maximizing the opportunity for both parties involved and is where we are stuck on which strategy to employ. 

To the seasoned investors out there: with our experience and familiarity in the construction industry and the opportunity to receive financial backing from a parent, what are strategies we should be looking at? How should I be running these numbers to present to said investor? If going the BRRRR route, what are things to beware of? Are there other strategies I am not looking at?

Ultimately,  our goal is to maximize the capital for both parties involved and hopefully use this initial investment to accomplish 2 things: 

1. Get in the game and create some equity or immediate capital (hopefully both) 

2. Prove to our investor (parent) that we have identified a strategy or set of different strategies that we know how to execute on to make ourselves money as well as them. 

Any guidance, tips, suggestions, potential mentorships, etc. would be greatly appreciated and I look forward to hearing from this amazing community!