With additional investments though, you could form an LLC and have a 50/50 partnership with your parents for any properties in it.

If someone applies, how would you suggest that we run credit and criminal background checks on them so I can see if they are someone I would like to run credit on? 

Additionally, I have seen people set offer deadlines and accept offers before the deadline hence I think it is best practice to get an offer in as soon as possible, call the agent before the deadline to see where offers are at, and adjust as you see fit.

Here's an article with additional FAQs on cost segregation studies that you may find helpful.

High BP, I’m very new yet have had years of credit cards, building credit and working on consolidation. 

I've been around for over 30 years and I have a formal credit background from 2 of the largest banks in the world.

Additionally, select a reputable turnkey provider who manages the property post-purchase, ensuring they have a solid track record and offer quality renovations.Always conduct a detailed property inspection, regardless of the turnkey label, to ensure the property's condition matches expectations.

We both have credit scores of 750+ with no college debt and only 1 car payment right now. 

You have to subtract minimum monthly credit card debt payments, car leases and loans, student loan payments, etc.If you have $0 debt, you can qualify for a total mortgage payment of $3,437.50.

This is primarily because the franchisor are able to negotiate lower or below market lease rates due to their guarantees and credit rating.