I have been looking into this and on most accounts it has people doing this with a heloc which will have a dramatically lower interest rate but I'm not completely sold on all of the concepts while others I have been using for years. 

Also try to understand your risk tolerance.And regardless of what you decide, know there is always risk, and if you need no risk advice for real estate investment, only one I know of is, investing in FDIC insured CD :-)BRRR will be lot more work, if you are planning on doing this as your main job and also will be investing time like one, will make sense, but for starting out, and get some experience under the belt, maybe a regular rental will be simpler, probably not as much profit, but you will get a good handle of process.

Knowledge is power and the concept of FI thru passive income via REI is gamechanging in my life.

If you're determined to do bookkeeping yourself, look at simpler software such as Stessa which is free.

@Gabriel Harper This is an interesting concept and almost exactly how we operate with one exception...we handle coordinating all maintenance/repairs, but the costs are still borne by the owner. 

Sounds a little diffrent than you as you said parents spend, but same concept.

Outside of learning and studying more about the concepts of REI, do you have an ability to begin saving any substantial amount for investing?

When I first joined BP, I really bought into the concept of avoiding the dreaded "dead equity" and owning multiple units that brought in monthly cash flow.

Rent as much as possible in 5 years then refinance... then buy the property next door following a similar concept. ... a couple questions:Would a bank refinance on a Trailer like this?

The open concept could be the difference between it selling at the price you need to make a profit, or not selling at all.