Quote from @Jay Jones: I want to do the LLC to protect my personal assets in case of a lawsuit from a tenant.  

I have tax clients who are CPAs, I amend many returns prepared by CPAs, Many CPA's don't do anything related to tax. 

I understand that not every project will be a success, and I am okay with that.However, when it comes to financial wins, which option do you think offers a better financial outcome?

maybe they would do a subject to and have you take over their mortgage payments - do they have a good interest rate? 

Is the question Do I ask my parents to look elsewhere because I want to make money?

While doing that, you should research places that are good for investing.

See who is doing the most deals in your area and contact them.

Also, the tenants that you are inheriting will not know what information you do or do not have.

When you do need an LLC is with MF properties or when you have partners.FNMA, FHLMC, FHA & VA all have due-on-sale clauses that may be triggered by transferring via a Quit Claim Deed (QCD) a property from your name to an LLC.

- Say you decided not to go all in on real estate, do you have confidence that your current nest egg would be enough to protect your retirement spend?