However, if you want to maximize equity and control every step of the process, doing it yourself might be better.At the end of the day, it’s about what fits your goals and risk tolerance.

When they eventually move out, I plan to do a full renovation to bring the unit up to high-quality standards and maximize its rental potential.I’m happy to connect if you ever want to chat.

Get out of your comfort zone.

Those who want to maximize ROI use leverage.  

If you and your wife are on the same page, I say absolutely go for it.Don't worry about the naysayers telling you to invest out of state if that's not something you're comfortable with right now.

There's a few other exceptions such as a tax lawyer, but I find that a lot of folks find comfort in just having me respond to any notices that they might get.

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? 

It’s worth looking into now to get ahead of it, but also depends on your comfort level and goals.

You want a property that has the highest probability of maxing out on appreciation.Once done, you would want to explore the options below to maximize your rental income:- STR- MTR- Rent by RoomYou should go into this understanding YOU will live in the worst unit - in an illegal unit in the basement if you can!

It's very unique and I think would be attractive to guests looking for a comfortable get away in the mountains.