You can make more through co-living in most markets, but still likely to be better off house hacking 1 / year and then buy out of state with your extra cash.If you want to chat strategy with someone - feel free to PM me or reach out to contact info in my bio!

I can't buy gas with a percentage.

I am buying it furnished. 

I am more inclined to buy new kitchen appliances because of #4, but would not have an issue using nice looking used kitchen appliances.

This would likely take coordination with a tenant at some point - (ie - plenty of notice to them that they must vacate in order for you to sell the property)Since your current home is free and clear -  you could do a cash out refi or take out a new mortgage on the new house to be able to buy your paren't house and pay off the mortgage.  

Increase income, decrease DTI, and buy a home (i.e., get a higher paying job, work two jobs, go to trade school, get a higher paying degree, live in affordable area, etc...these are things that most of us did).

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

To buy or not in Portland!!!!  

The other half is a mix of spec and owners buying lots to custom-build for themselves (more of the latter than the former).

@Shannon Vistisen I would say this, unless you know everything that is tied to that entity, buy the property alone.