.- Focus on high-ROI improvements: Prioritize renovations that add the most value.- Document everything: Keep detailed records of expenses, work completed, and agreements.- Consider liability protection: Look into forming an LLC or other business entity.Starting with cash is a smart move to minimize risk and learn the process.

My thinking is to initially give a 2 or 3 year interest only loan to my REI company. 2 to 3 year should be enough to purchase, rehab/improve and stabilize the property. 5.

My previous methods have been unorganized and I’m looking to improve my methods. 

Keep in mind this property is relatively turnkey with most capital improvements completed within the past 5-7 yearsIn the middle of the month of May, I get a call from my tenants saying that their electricity got cut out and the oven and air conditioner don't work.

You do not want to have to deal with the significant added expense, hassle, and delays of probate should one of your parents pass.Consider using this situation to improve your "amateur investor" status to intermediate or advanced status.

A couple of months later, when paying their rent, the tenants in the other house said they had a list of "improvements" they would like to have done to their house too, and asked when I could get started!

I will be interested in hearing your thoughts on if/how can I improve my strategy   

Assure them that as long as they're happy living there and pay their rent on time each month, you aren't planning on doing either right from day 1.During this conversation with the tenant, also ask them if there are any maintenance issues you should know about, or things they would like fixed up - this will have the dual benefit of giving you the inside scoop on any deferred maintenance issues that the owner themselves might not currently be aware of, as well as giving you some ideas for improvements you could make that would give you cover to raise their rent in the future. 

It would be very hard for us to improve.

@Matt Skog thanks for the mention even though it makes me sick to my stomach to see this.