I understand that the tenants will paying me money that i will put towards paying off the house but it just seems like so much could go wrong.

From what I read and understand, this means I'm likely going to struggle with getting a loan, not even considering the inability to pay any down payment.On the other hand, my parents have significant liquid assets, (think on the order of > 500k), that they are potentially looking to diversify into real estate.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

Some lenders work with 220+ lenders and can really understand which lenders are best for you based on your situation. 

If not, I completely understand.

If the project is in Canada then I would look to an attorney that understands international law as it could be more complex.Personally for something along the lines of what you are doing I would look to partner with another developer vs trying to raise the capital as that will be less labor intensive.

.- Understand what you value . . . do you want to have a phone call from the PM every Friday? 

What you want is an agent with experience who knows how to negotiate, watch your back, navigate difficult situations, understand contracts and law, provides an objective cross-check, etc.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.