In the case of GEG, we let our members know we did not have a track record with them - they were new to us and just being tested - and therefore it was even more important to perform thorough due diligence since we can't be involved in the transaction. 

Since your parents seem open to your involvement, I would start start small. 

The apt is on the 2nd floor and the furnace is in the attic.I will talk to the heating contractor about setting up a floor temp ( might involve installing a 2nd t-stat as a couple people suggested).

However I am struggling to understand and evaluate the risks involved with cash out refinancing 2-5 years down the line.

Going this route is more involved and that makes it more costly too.

The other quesiton i have is if private equity is starting to get involved in this market, companies like Apollo & Carlyle, does that change your feelings about getting involved in the space?

I have thought about Fundrise (medium success when I invested there), Crowdstreet (I have not invested there but might consider), farmtoghether (20k invested there already) and groundfloor (bad experience so not looking to invest there).Any advice will be appreciated.There is no greater wealth than peace of mind - Buddha - I have both directly owned real estate and passive investments in my portfolio.And if you're an accredited investor, then you have many options for investing in real-estate passively (and that don't involve all the stress of direct management nor putting money into public markets...which tend to be much more volatile).

With one property you can self manage even from a distance.   

I’d love to connect with investors who are experienced in flipping, renting, or managing properties—especially those in or close to the New Jersey area.If you’re involved in property management, real estate investing, or anything related, I would appreciate any advice or mentorship you can offer.

Ourcurrent approach involves identifying possible contact information for thelisted owners and calling multiple numbers, but this process is time-consumingand yields limited results.