Is one more beneficial to an investor/landlord than the other?

Since your parents live nearby and have had success in real estate, partnering with them on your first few deals could be beneficial.

Instead of investing in real estate, consider investing small amounts in a mutual fund or some other simple investment while you focus on increasing earnings, reducing expenses, and saving up for real estate investing.You can also network with other investors and find ways to invest your time in exchange for experience, maybe even a partnership.

I'd love to connect with anyone and would appreciate any tips, lessons learned, advice, or just a friendly conversation about our mutual interest-REI- you'd be willing to offer.

Even if you were to put 20% and avoid the PMI/MIP, the Family Opportunity Mortgage program may still a beneficial program for you, because you would be getting rate and terms similar to a primary residency, not a second home/investment property. 

Compile a punch list of any incomplete or unsatisfactory work, and ensure the contractor resolves all issues before making the final payment.Obtain and retain copies of all inspection reports and permits for your records.Collect warranties for any new appliances, systems, or major components that have been installed.Provide feedback to the contractor on their performance, which can be beneficial for future projects and maintaining a good relationship.

I haven't found the tbill or CD yield to be enough of a premium over money market mutual funds to lose liquidity for. 

They've all been working since 16 and between work, birthday gifts, and mutual fund growth, they've got about 40k, 20k, and 20k and paid off cars. 

Short term, just for fun relationships can end mutually without collateral damage.

Yeap that would be beneficial for you.