If your goal is to get into short term rentals - analyze the deal to a point where it can still work as a longterm or midterm rental if short term doesn't perform as expected. 

I’m currently being put on my parents feed.Now, I want to get a loan to pay off their balance $45k, get a lower interest rate (and yes it would be lower, believe it or not theirs is 9% and has been for years) and pull money out for some debt at this point I only want to pull out $20k.Obviously, there is equity.What’s the best loan for this?

We perform several flips a year when we find them from wholesalers.

Usually partners, capital partners want to see prior performance before being a debt or equity partner. 

Mostly I'm just trying to keep track of things for my own purposes to make sure I'm getting what I expect and the properties are performing the way I expect. 

I agree that someone else paying doesn't not make them a tenant but a) this guy had been a tenant and b) I only mention it because of what I already explained above in #1.5.

I only see one person giving you the correct advice.Your focus should be on paying off the debt, controlling your finances, and building your credit.

We try to make sure the seller knows within 10-15 days max if we can perform or not, so they always can have another option.

You need to know the market well, have enough reserves for inevitable expenses, and closely monitor the asset’s performance.

I work in Denver (as well as Colorado Springs), and that city is performing very much like Ausitn.