I also like to keep updated on the process of placing a tenant, a daily update on how many people viewed the house, how many applications, etc. 

Perhaps you can agree to a certain loan-to-value ratio that will limit the risk of being over-leveraged and still allow you to acquire more homes than waiting for payoff would.

It is now 80% I believe but other states may still have other limitations.

As well, I have a small new construction condo project and having a really hard time finding funds for it.I did few flips using my own credit and conventional mortgage to finance it but there's certain limitations to these approach as well as rehab cost is not lender's concern.

Three months of education is still a limited education and with NPN’s you don’t know what you don’t know.

@Dana HarveyWhile I understand your desires the programs you are talking about have strict time limits that need to be adhered to. 

If you're parents are going go receive any money from that then they will have to take depreciation then on that property and it will appear on their schedule E as well (upon sale they have to recapture any depreciation they took or could have taken so watch out for that).If you go further the route @Corby Goade suggests with a deeding you'll want your accountant to advise on gift tax consequences or use of the one time limitation. 

Tell them exactly what you want instead of limiting yourself and defaulting to the fields and criteria that you find online.

@Rita Lo Arlington is a great area for STR's but they have been discussing pushing limits on STR's here but the state of Texas constitution protects home owners property rights basically stating you can do whatever you want with property that you own.

@Will Kirkendoll I would have the renter fill out a rental application, and then draw up a lease according to the information provided.