Apart from the above contacts, I ask for an emergency contact.

Whether trades or medical.  

The trades can make or break a good deal. 

Ask your employer if you can have your pay split up into three deposits, one to investments savings, one to your checking account for personal use on a daily basis, and one to an emergency account you can tap into so you don't have to tap into your investment savings.

Real estate investmnets are capital intensive and if you don't have extra money sitting around to make the emergency repair when it happens you'll find yourself in a terrible position. 

Always good to trade insights with someone who knows how to work a negotiation.

That would be a helpful addition to your plan as you would further reduce your cost of living.Also don’t forget from that $600 you are planning on getting in cash flow you have taxes, insurance, maintenance, capex, and vacancy to consider.With two homes, you may want to keep that extra $20k as an emergency fund rather than spending it on a third property and then be left with no emergency funds.

With an average monthly profit of about $1,175 after expenses, it’s proving to be a strong investment.If your parents sell their home and want to move in, you’d need to weigh the trade-offs—losing that steady revenue vs. the stability of a long-term tenant.

Unless there is an emergency situation, take a lot of photos and call your insurance agent before doing any repairs.

I am a property manager and in an emergency I will go to the property and provide access.