But make sure they will revert to you if the tenant's account is shut down for lack of payment.I continue charging the previous tenant for rent until the new tenant takes over.

Do you think it is a good idea to get our first property (multifamily) and continue to save money while living at my parent's?

You can invest your sitting money, while continuing to grow that investment until you have enough to purchase your own rental property. 

The downside is that the rates are generally going to be higher than a standard conventional mortgage (aside from an introductory teaser rate) and the rate is probably variable and will increase as rates continue to move up.2.

I would like to continue to invest with this person on future deals.  

I encourage you to continue looking and see as many properties and anywise as many deals as you can.

Can you always/ continuously make money on residential.

I’ll continue to do my due dillegence.

I have been looking for reasonable lending options to continue building my rental portfolio past 10 conventional loans.

This seems like the most feasible option, but it also seems like prices and rates are going to continue upward in that span.I’m not at all attracted to the idea of a wholesale operation, but perhaps that would be the way to get started?