Renting the PropertyIf your parents rent out the home, they have multiple income-generating opportunities: Renting As-Is: A 4-bed/2.5-bath home in a desirable area could command a high rental rate, likely around $2,500–$3,500/month, depending on local market conditions.

If you’re interested in investing here, I’d encourage you to speak with a knowledgeable local real estate professional or lender to get accurate guidance.

Are you investing in your local market?

@Allie McAlister I'm looking to stay local to begin with.

My father was a member of the IBEW out of Local 6, so I have a deep respect for your profession.Are you planning to use the BRRRR strategy on a 4-unit, or are you leaning toward a turn-key investment?

Also does your locality allow you to work on investment properties?

Property Managers come in all shapes and sizes, I tend to recommend seeking a medium size local company. 

The thing I'll be changing is the financing I've been doing with a local bank, which has been a bit slow and cumbersome.

But unlike going to your bank (and getting your local banks CD rates), with these accounts you can shop CD rates nationwide. 

If you can invest locally, I'd recommend doing that before investing out of state.