This definitely gives me more confidence to pursue the safer option right now--at least to start out and get my feet wet first before taking something bigger with more risks. 

Granted you're from NJ and your property could be a local one ( = more on the expensive side), but I would explore the alternatives prior to setting your course on syndicating this deal.Best!

@Ken Lagana have you ever considered commercial property or alternative use land to diversify the market effects on your portfolio of holdings?

Possible JV partners and I have been looking into avocado groves in SoCal for alternative land ownership possibilities.

If its your parents money they might need the safer path of keeping it and raising rents on it if possible.

Save up an emergency fund (3-6 months of liquid cash, how much will vary based on who you ask/read), then put everything that is left into an account to save for a downpayment, closing costs (although asking the seller for closing cost assist is also a great plan), and some reserves for whatever "little" issues come up with the house.Then come back to it in a year and you will be in a much "safer" position.Best of luck.

Either hard money till you can fix and BRRR or alternative personal loans.

Higher cash flow areas or "safer" spots with better school districts and the like?

Easier and safer for you to get a note and mortgage/Deed of Trust IMO.

I felt certain that Santee, being 15 miles away would see a push in value as home buyers wanted to find affordable alternatives.