Becoming a LandlordYour house appreciating at 5% annually = $25K/year.Your parents' larger house = $30K/year.Financing the PlanTake out a mortgage on your house to buy your parents' house.If their mortgage rate is lower than today’s rates (6.75%), keep their mortgage and assume it.Why It WorksYour tenants pay the mortgage—not you.Each monthly payment includes ~$300 toward the principal.

However, I am thinking of having my parents who are retired living there part of the year and doing STR for the remainder of the time.

It sounds like you / your parents should just hire a professional property manager for the inherited properties.  

Alimentation Couche-Tard, the parent company of Circle K, has made an unsolicited offer to acquire Seven & I Holdings, the owner of 7-Eleven.

Like @Derek Brickley said, you would need to get someone who does have a W2 (maybe your parents?)

With rent control in NJ, yeah, it’s mostly a waiting game if tenants don’t leave.

If I wasnt going to be doing this I would just be saving more money and staying for free with my parents.

Would your parents be interested in partnering on a duplex where you live in one side with a roommate and manage the other side rental? 

My immediate area, 5200 people, has 3 outdoor self storage and 1 new climate controlled.

I lived in a college town and student rentals did very well as did STRs for parents coming in to visit their children.