If your parents do not have experience and you are eager to learn, you should come up with a strategy with your parents so that you can start managing the existing portfolio and finding a way to grow it.First and foremost I would maximize the property as much as possible now.How well is it maintained - any deferred maintenance? 

You need to identify which strategy you like best before jumping in and get extremely familiar with the process of underwriting deals.

Tip #1 - no such thing as one perfect market There is lots of data on Bigger Pockets and MTR experts that have released rankings of top cities for next year, but remember it's not just about the purchase-- it's also about the operation.

I have STR investors in Florida making 25% cash on cash returns, long term rental investors picking up properties directly off the MLS and cash flowing day 1 in various states, and house hackers completely removing their housing payment from the picture allowing them to save for for the next property.The beautiful thing about real estate is there are so many ways to succeed and a plethora of strategies depending on your comfort level and how active you want to be.

Thanks (again) for sharing and being so forthcoming with your strategies!

I believe Pricelabs is offering a pricing strategy and market analysis info more in line with hotels, and that might be a good tool for you to look at.

Maybe do the by the room strategy, or STRs.

If that's the case, check out some of the economic data about what cities have strong job and population growth.

Yes. the original lender probably will not but a new lender may- there first question is gonna be what is your exit strategy so be prepared to answer that question.

The insights shared by the Realtors, @Zeke Liston, @Jimmy Lieu, @Nathan Gesner, @Samuel Diouf, @Sam McCormack, @Min Zhang provide a solid foundation for anyone starting out in this industry.From a property management perspective, it's great to see you're considering the long-term rental strategy.