BAM Capital is excellent in identifying opportunities with a high "yield on cost" which reflect their experience to operate Class-A properties at much lower costs. 

I had to go that far away due to the insane cost of real estate in Boston, so I fully understand the predicament.

The only way to know if your idea is worth doing from a wealth building standpoint is to do the math:  What is the cost to acquire?

Using a HELOC to fund your first rental can be a great strategy, especially if you want to preserve your cash for other expenses or unexpected costs.

The parties will jointly appoint an acceptable mediator and will share equally in the cost of such mediation.

Covering the mortgage isn’t an issue, but I’m considering factors like: Multi-Family: House hacking would help offset costs right away, but I’d likely need to put money into renovations upfront.Single-Family: Easier move-in with no immediate renovations needed, plus potentially lower tenant turnover once I rent it out For those who have been in a similar situation, what did you choose and why?

Get replacement cost hazard insurance along with an umbrella policy of at least $1M, probably double in your area.

But I would charge the extra 3% to cover my costs.

However, this has to be the primary residence of everyone on title in order to qualify and even if that were all true, we're still only up to $1M that way.I agree with the other commenters, the parents should continue to own it and live in it as their primary, leave it to the daughter when they pass, and she inherits it at the stepped up cost basis. 

FYI, most of my CFO clients borrow from HMLs that will lend up to 100% of their rehab costs.