Buy and renovate the property and in 6 months do a simple cash out refinance and pull out some cash and start the REI process all over again.I am North of you up in Pinellas County West of Tampa and there are also some great places up here that might save you some cash. 

Just make sure to vet them carefully.Overall, my advice is to keep things simple for your first deal.

Make a simple spreadsheet or written list with the features of each and see which ones appeal to you most.

Also, clear communication with your parents about goals, risks, and expectations will also help avoid tension.

Working with a business partner highlighted the importance of clear communication and shared goals.

I know this may sound simple and unorthodox, but I think you should try to BRRRR as much as possible.

Communication with the tenants is key.

And for an OOS, I always advise to keep things simple at start, don't get greedy, go for quality and consistency, then work on maximizing monetization later. 

Its not as simple as using eviction law even after you closed and now are the owner. 

Simple things like a branded email at your domain and a website can open a lot of doors.