Is this interpretation correct?

To thrive in real estate investing, you must maintain a firm grip on your finances.

If your parents do not have experience and you are eager to learn, you should come up with a strategy with your parents so that you can start managing the existing portfolio and finding a way to grow it.First and foremost I would maximize the property as much as possible now.How well is it maintained - any deferred maintenance? 

You're asking all the correct questions.

Collin is correct - take your time and go slow. 

He ensured that the structure, HVAC, plumbing, and electricity were well-maintained, and rarely had anyone coming in for maintenance fixes.

And what is your price point, and it sounds as if you're OK with slight to moderate rehab, is that correct?

“Money goes where money is treated best.”Your future ability to attain and maintain financial freedom depends on the city where you invest.Investment TeamAn essential location selection criterion is an experienced local investment team.

Gone are the days prior to 2019 where I as a complete newbie could buy and get instant equity, use financing at sub 5% and still cash flow while maintaining a reserve balance.

But there are other tests and if planned correctly, you don't need these two tests or even track hours the first year if your participation is substantially all hours.