I know depending on where an investor is in their fix and flip journey and the market this will vary, but Im curious because I feel like this is important when it comes to a good deal since some investors might not mind making less to have more doors. 

With that in mind, maybe Memphis is not the place to invest.

@Dave Foster you seem to be a pro in this area, would you mind sharing your view on my parents' situation above? 

Do you mind expanding on how you attained closing cost and down payment?

Want to connect with like minded people in the area.

This might give a one-time (non-scalable) boost to cash flow, offer multiple value-add options, and allow the house-hacker peace of mind, via the assumed mortgage, in long-term breakeven or positive cash flow in the event that the value-add plans end up not being executed, and/or the person has to move out, and rent by the room or STR become unavailable for some reason at a future date.

Keep in mind, termination can take 30 days so you'll want to provide notice prior to the termination date. 

Additionally, when comparing whether to build a single family portfolio or a comparable multi-family portfolio, you should also keep in mind the transactional costs involved.

But keep in mind that there might be some delays in getting payments started, particularly in the first month or two as inspections are completed and paperwork is processed.

It would be great to connect with like-minded individuals and support each other in our real estate endeavors.