Your account structure depends on your goals for growth and if you plan to self-manage or hire a PM.

In terms of property management, she mentioned that she has her own property management company.

Your parents can look to reinvest the remaining proceeds into a DST, tenancy in common investment, NNN, that are passively managed.

I recommend reading “Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties” - I found it to be very helpful when I got started investing 2.5 years ago.

Sometimes, I see investors lean into property managers who know the landscape and can “drive for dollars” around the block.

With $150k here you’re just a little tight on budget but can make it happen if you self-manage and do your own furnishing and design.  

Sometimes they forget to tell you that many tenants in Detroit don't pay (depending on the property manager skill and the type of tenant) - but taxes are very high in the city and so is insurance. 

Start with a good property manager.  

Also I can said that working as a project manager in renovation is helping me a lot.

The numbers often look the best in some of the worst areas to manage and on properties that have the most deferred maintenance.