I'm just starting out learning real estate, but I can't decide whether renting or flipping is a better option.

That is the best option if you are truly trying to help a family member.you cannot get control of the mortgage, you can do sub2 but you are not in control, the bank could call it due if they see the property transfers title.The other way is for you to buy it from them at market rate, then rent it back to them at market rate.

If the rent stabilizes, I can then consider refinancing these properties using DSCR or other valid options (please educate me, and let me know what other options you think are valid).

That seems to be extremely unique in today's environment.But if you're looking for more tenant stability, some of the options you listed might be a better fit. and don't see it talked about a ton here (that may be a good thing)

So it really just comes down to figuring out what solution works for a given market, but it's yet another great thing about real estate: having options!

Definitely a smart move to consider some out-of-state options before diving into a first investment property. 

I am also a lender, with Chase Bank, but want to expand my knowledge on hard money and private financing options.

I will appreciate your recommendations  on local contacts as well as some insights on mobile park business. thank you Victoria Hey Victoria, do you have any financing options or you paying cash? 

Airbnb came out with a new co-host option where you could get paid for your services to assist owners by selecting % of rents...maybe have him pay you 99.9%?

Clearly define terms, including an exit strategy, buyout options, and how proceeds will be split.