I know investing with family can possibly hurt relationships if things don't go well, so I don't want to make any big mistakes since this is a large amount of my parents inheritance. 

Also, I am also looking for contracts as well.

That sounds like something I'd be interested in looking at as well. 

My business partner has two STRs adjacent to ours that has several 1-bed units that rent very well during the week. 

Let's of NYC investors look at other cities in NY, Rochester, Buffalo, etc... they can drive to them to see them, and they know the state well enough to feel comfortable.Most of the rust belt cities in NY offer cash flow as well. 

It isn't a big job but I don't want things to go south so I stay in it.Of course I practically live on this forum so I pass along any pertinent info I find as well as answer questions.

I am also a licensed real estate agent in New York looking to become an investor as well.

If you're only using a portion of the funds, its less of a risk and could make sense depending on your situation and the deal itself.  

I'm a huge fan of San Antonio as an STR market, but it is, like most "mature" markets, very sensitive about WHAT performs well. 

Congrats Yash, well done!