Since your condo prohibits LLC ownership, you can manage rent and expenses through the LLC while keeping the property in your name.

Use your 5k and find a decent 1-bedroom condo and put it on AirBNB. 

Would your parents be interested in partnering on a duplex where you live in one side with a roommate and manage the other side rental? 

Too many people will put something like "Downtown Condo" when the guest is well aware they are already looking at downtown condos.

Nashville views HPRs as duplexes technically. 

Miami is a great place to invest both for short and long term rentals and with condos, property management is simplified but be sure to ask about HOA fees as early as possible especially if you intend to go with a DSCR loan.

My goal is to get a duplex or triplex.

Hello,I want to buy a duplex in an area with strong tenant laws.

The law does NOT apply to landlords:With less then 5 rental unitsThat live in one unit of a duplex and rent out the other unitThat rent out rooms in the home they occupySo, landlords can no longer state in their rental ads, "Section 8 not accepted".The reverse is also true, "Section 8 only", cannot be used.We've always recommended screening S8 tenants the same way as cash-paying tenants.Landlords waiving application fees and/or security deposits only for S8 prospects may also be violating Fair Housing.

After 25 years of co-living have now graduated to one side of a duplex.