Questions might include:- Typical costs for cre/multi financing- Underwriting guidelines- Proforma questions- Loan doc negotiation or restrictions- DSCR/DY/other measures- Lease types/reimbursements/restrictions

There is no restriction at all with 1031 that prevents you from purchasing an investment property that you use some for personal use. 

You have to apply the criteria consistently to all applicants for that property - so even if your size and breed restriction limits pets to 20lbs.

Here are the rules for a "Secondary Property" per Fannie MaeSecond Home PropertiesThe table below provides the requirements for second home properties. 1      ✓Second Home Requirementsmust be occupied by the borrower for some portion of the yearis restricted to one-unit dwellingsmust be suitable for year-round occupancythe borrower must have exclusive control over the propertymust not be rental property or a timeshare arrangement1cannot be subject to any agreements that give a management firm control over the occupancy of the propertyIf the lender identifies rental income from the property, the loan is eligible for delivery as a second home as long as the income is not used for qualifying purposes, and all other requirements for second homes are met (including the occupancy requirement above). 

Also, the Northeast tends to frown upon STR  and a lot of towns in the Northeast have passed or are passing legislation to restrict it. 

The situation would be that my parents own a rental property and we would be 'acting' as property managers for it, so profit wise, we would get a % of profit from the monthly rental income (also are there any restrictions within an LLC in this context as far as what that % can be?)

Then outline the lending process and their security: attorney closing, funds never in your possession, 1st position note / deed of trust (or whatever your state uses), insurance loss payee, self imposed LTV limits, etc...

The condo I lived in, they don't charge enough for condo fees, have to impose special assessments just to pay utility bills, when it went several months behind and faced shutoff of gas for central heating and electric for common area lighting.

Here in Louisville most of the restrictions do not apply to owner occupied short term rentals.

@Karl Sperl Something to keep in mind - Savannah has a lot of restrictions when it comes to Airbnb.