@Joshua Piche with little experience, it's better that you invest locally vs OOS - unless you want to invest a LOT of time learning another market and networking with th right people.Locally, look for a 2-4 unit property that will qualify for FHA 203(k) financing. - This will allow low down payment and the 203(k) allows repairs to be financed into the purchase mortgage.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

I think you can model a decent double digit return but how do you transition to actually pulling money out? 

I recommend compiling an analysis/presentation stating that your parents will save an "x" amount by working with you instead of "ABC" local property managers.

I flew there and walked the house, looked pretty turnkey rental grade): $1029 GFCI outlets, downspouts and guards, drywall, paint, bathroom vent$4615 (new AC unit since unit was stolen before tenant moved in, didn't file insurance claim because didn't want my premium to go up) $600 (water line, gas line, P trap)$60 lawn mowing$112  thermostat repairMy opinion is that Class C is better for local investors who are on site and know how to do repairs and self manage.

Get those young healthcare professionals butts in seats for an "informal first-time homebuyer Q&A" with you and a local lender that has some FTHB goodies (and maybe you offer some healthcare professional goodies, like paying for a home warranty plus a $1k credit towards closing costs - only for folks attending your Q&A).

That said, be sure to check your local jurisdiction for other regulations.

If you have substantial (usually means 5 digits or more) donations, tax planning opportunities can get very complex.

If you’re leaning toward an LLC, I can recommend some local options to help set it up.

You'll learn what contractors are good at such repairs, and eventually people will start bringing you "problem properties" with that issue.Another related idea: contact a good local realtor and ask them if they know of any on or off market properties that would be a hard sell for most buyers. 

Focus on tenant screening, building a local team, and learning as much as you can, starting early sets you up for long-term success!