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.  

Also, long term, I expect Sac will enact tougher restrictions on STR, given the intense housing crunch we're experience, so I personally don't expect that to a be a good long term strategy.

Some people need 2% above the borrowing cost (8% cost of hELOC you gotta then make 10% + etc) and others will want to double their cost of capital or 200% so it depends.Everyone's going to give you their anecdotal experience or what their preferences are so its good to hear it all and determine your own.

(particularly true for single family homes)  Tom and Aaron may have different experiences.  

Working with a property manager will give you a lot of hands-on experience in the day-to-day of managing properties. 

I would love to hear from others doing flix and flip in NYC on their experience on doing this business.

Most cost segregation study companies provide the quote for free.

Starting with an owner-occupied duplex is a smart way to build equity and gain experience.

Check out FilePlace, where user-created forms are available for free.

I’m interested in looking for a real estate agent with experience in rental properties.