If at all possible, minimize your living expenses (live with your parents, or house hack) until you get established with your real estate business.Any hobbies you have, seek out others with similar interests and build relationships. 

im in a similar position and may be inheriting a 4 plex from her parents.

This type of situation is perfect for single parents, persons looking to supplement an existing income, or retired persons who want to stay active and involved.

In 3 years I’ve doubled my investment through sweat equity, and when I reached 10 doors I was able to retire my parents with the cash flow.

What is preferable option - should I ask them to be the applicant or should their son be the applicant and parent be the cosigner?

I reviewed the contract deed or deed of sale and its under a CLT corporation , then my parents name.  

Both of their parents have been involved in the home building and broker business so this is in their blood!

We rented one on Lido island last X mas  it was OK.. but being the grand parents we just snag the Master and let everyone else figure it out.. 

it's job that dictates everything, it's easy to see why most companies are willing to move to austin and midwest as well. highly educated parent that had excellent job they want the highest quality school as well (hence they want their kid to study at local cupertino HS)... it's just the same thought process that keep eventually real estate more expensive and city boundary is also expanding. 

What is unethical ( and possibly illegal) is making the seller withhold material information from his bank so that you can profit in violation of his contract obligation to so inform his mortgagee under the implied covenant of good faith and fair dealing.