However, as other people have mentioned, househacking and having neighbors below/above/in the next room will definitely take some getting used to and can strain relationships!

How could I utilize my oarents’ ‘renter and landlord’ relationship?

@Alex Tobias : the answers already provided are excellent.

I went through the painful process of switching servicers to Land Home.Joe was patient and flexible as I was fairly new to note investing.In the end, I left Land Home for another servicer only to come back to Land Home 6 months later when that servicer went out of business.No servicer is perfect, however I will say that the more time you put into building the relationship with your servicer the better things become.

@Rob DeLaurentisRob,....I'm out of state as well, but I purposely have looked at Cleveland because of the excellent cash flow opportunities.

Plenty of power, holds up, easy to handle - great price.For a jig I like my Bosch, again the design is excellent and it works great - a bit pricey.LOL.

I'm sure either of them can be of excellent service to you.  :-)  Good luck!

There's a relationship there. 

I have a relationship with this specific broker, so he keeps  me in the loop on everything he gets in the pipeline. 

Our company, because of our numerous land projects and sale of development projects, has relationships will all the major brokerage companies and brings those relationships to bear on each of our own development projects.Our company has developed pure residential projects including multi-family rental, for-sale, and affordable housing.