After they get several properties under their belt OR start buying commercial then that's when you should start looking at LLC's. 

But consider it an investment in the future - with this deal under your belt, the cashflow you'll earn, any equity you keep,and the connections you make will all be worth more than any one deal will give you.That being said, try to keep as much as possible.

I have one home under my belt but continue to learn a lot from BP.

But you must get that 1 year under your belt before you will get approved.You should also seek out a lender that doesn't have any overlays on the FHA guidelines.

My main point here is this: Let's get you some deals under your belt and some time in the trenches, then see if mom and dad could use some help that has both knowledge and wisdom (aka experience).  

In the 1960s we have seen large swats of farmland converted into single family subdivisions, which are today Milwaukee neighborhoods - we don't have any farm land available anymore inside the belt of wealthy suburbs, which their 3 or 5 acre min lot size zoning requirements (as we have in Mequon)  So space is one constraint, the cost of building is another.

We are so ready to get a deal under our belts!

@George Blower thanks much for that information

@George Blower Hey George,how do I go about getting a 401k loan?

I completely understand the desire to get a deal under your belt, but this ain't it.