My personal favorite (and where I currently live) is Belmont, NC, a charming town about 25 minutes from Uptown with excellent restaurants, bars, breweries, and community events.

There's potentially a domino effect in the event of an unforeseen major expense exceeding my reserves (mainly thinking in terms of natural disasters) affecting my whole portfolio.  

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Are there specific networking events or forums within the BiggerPockets community that you recommend?

@Evan RobertI’m not too sure of any GTA meetings currently, but there’s an event in the Durham region on the 9th that I will be attending!

I do think the MTR/STR mix makes the most sense for Austin - MTR most of the year but switch to STR to maximize during the hottest travel months (spring for SXSW, fall for ACL/Formula One/UT Football)

Quote from @Daniel Barnett: Go to GET STARTED > EVENTS AND MEETUPS at the top of your screen.

I'll be flying out later this week to see some properties and to network at a local RE event. 

I attended her event in San Antonio.

Cons are the liquidity event that your parents will have to do to purchase the home (I assume the funds are in some sort of investment today so there's likely some tax ramifications on cashing those securities).