Additionally, since my parents are nearing the retirement age, I'd like to prioritize low-debt, high-cashflow deals.

There are limits to this as well (when someone stays the whole time and doesn't say anything while there), but if someone chooses to leave early or right away, give them their money back before they drill you with a 1-star review.

Rates are usually in the high 8s or low 9s, and you are likely going to pay 3-4 points for these loans. 

High credit scores and low DTI are often required…and these take much longer than I first thought…Navy might take 45 days to get through the gauntlet.  

However, I’ve been hesitant due to challenges like remote management, high interest rates, and low cash flow.

Looking at this mathematically, if you assume a 50% non-renewal rate (industry standard) and use the low end of the range of $5,000 per non-renewal, there is a loss of $50,000 per year on a 20 unit property.

I would highly recommend doing a renovation loan like the 203k or homestyle - you are able to leverage SO MUCH CASH for such a low down payment. 

It was high rent, low entry point area but within 6 months I dealt with an eviction and electrical issues.

Quote from @Bonnie Low: I work with a lot of MTR investors and what I am seeing frequently with multifamily acquisitions, particularly with new investors, is that they often test the property just like you're mentioning, as a way to dip their toes in the water and see what works in their area and for their personal style.

An emergency fund needs to be liquid, and immediately available to you in addition to being low risk and protecting principle.