Also due to price increases you can probably cut a better deal on an existing home and probably get better quality too.Normally you'll probably need a couple of years of income to get a loan. 

@Greg Weik as a local Denver investor I would strongly disagree with a couple of your opinions offered to @Melissa D..

Here are some ways to get started analyzing deals.For a Single Family House Hack:-Reach out to a couple lenders to give you a good idea of what you are approved for.

The spot is near a couple State parks, 40 minutes from Austin, and lots of nature driven attractions around, my only worry is the popularity as I am not sure the amount of people that are flowing through the area 

As Hai mentioned in BC there are a couple of extra things to factor in if your parents sell it to you-the capital gains, foreign buyer's tax AND the property transfer tax all apply in BC and the middle one is not cheap (an extra 15%). 

And nobody is paying more than 550k for that cabin even with it being new construction.Its been a couple of months though so I'm curious to know if you were able to sell it or not and if so at what price.   

In my case, I have residential rentals in one LLC, commercial properties in another, self storage in a third, and my real estate company operates in a fourth.

You will have to verify those yourselves to ensure you end up with correct operating expenses.Quote from @Andrew Newcomb: Just following up on this in case anyone is still following:I learned about "cap rate" and "cash on cash" metrics in the BP learning articles and watched a couple vids on the BP rental calculator showing how it calcs those metrics for a prop (you have to add the details like loan info, expenses, etc). very cool tool.

I can't even access all of my old property reports that I created with the calculator in the past couple months without upgrading to BP Pro.

Send a couple hundred a month so you can digest the responses.