A concern, however, if we do a sale, is with the price, as I understand that if I sell at too low a price (say, $200K, give or take a few thousand to pay off my current mortgage), the IRS could assess a tax on my parents if the price is more than 25% below market value. 

I'm getting to a point where I might want to pursue a lender for future investments but am trying to understand how these lenders choose people to work with. 

Plus, living in the property gives you the unique advantage of understanding it inside and out.. making you a better landlord when you eventually rent out all the units.If I were you, I’d prioritize properties with room for rent increases or small upgrades that could boost value.

For the last 22 years I've been involved in real estate as a house flipper, with extensive experience in building and renovation contracting, owned a residential property management company, and now have a private money lending business (licensed NC re broker).

I understand this is my responsibility and I filed an insurance claim and the garage is currently being rebuilt as the entire thing was destroyed.

I don’t understand why people do syndications  We can make more money using lenders.  

It’s exciting to hear you’re diving into real estate investing and involving your daughter in the process — house hacking a small multifamily is a great way to start.

Understanding how to enter certain markets and when, if they're on your radar, is important.

I understand this is part of the learning curve, and once I can have the PM "release" me, I might consider it and save 3k/yr!

I understand a fixer-upper would require a lot more work in accurately determining repair costs, finding good contractors, etc., but I think the learning experience would help set me up better for future deals.