Though the property and surrounding areas look nice in the pictures, the doors and windows has bars which concern me.I am just starting our my RE investment journey and all help is greatly appreciated.

Why I am leery of these "creative" things for people with little to no money One of the concerns of going to fast is over extending beyond their resources. 

For beginners, focus on markets with lower entry costs, high investor activity, and steady demand—like parts of the Midwest or the Southeast.

Doing a BRRRR that you plan on turning into an air bnb would not be the best as a beginner out of state.

I’d also love any recommendations for beginner-friendly books, podcasts, or other resources that are suitable for a teenager. 

My concern with the home equity loan strategy is I'd still have the first home mortgage, the equity loan, and a new mortgage (albeit reduced from the down payment).

@Anthony Dupre Why are you so concerned with anonymity?

The current owner is usually not be very inclined to give the news to the tenant out of concern that the deal does not close and they have to deal with the vacancy.

A concern, however, if we do a sale, is with the price, as I understand that if I sell at too low a price (say, $200K, give or take a few thousand to pay off my current mortgage), the IRS could assess a tax on my parents if the price is more than 25% below market value. 

Concerns: Although the cashflow is good, we weren't sure it's valuation and potential for appreciation since there is no good comp like this property in the area.