Really excited to get more involved and I appreciate all of the nice welcomes!

I am sure you can find similar properties up there to gauge rental prices and interest but if you plan to use it on popular weekends you may fall short of your expectations.If this may involve many family members I think the first step would be to make sure everyone is on the same page with whether you are going to rent it, when you will be trying to rent it, and how long you plan to hold the property.Many of these seem to be setup in a family trust or Family LLP with an operating agreement which I am sure you can handle. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

I have a problem with the way some colleges prepare students for "life," and am looking to get involved with Real Estate investing.

There is plenty of lenders out there now but most of them want to be involved in a good deal.  

You also want to be aware of any self-employment taxes that could be looming.You'll also want to get a CPA involved or a tax attorney from a tax standpoint... what sorts of estimated taxes do you need to pay, what kinds of cash flows can you expect.. 

Remember, there is a fiduciary responsibility involved, so you must be totally honest and make your disclosures. 

You'll have access to MLS to be able to look for deals, keep the commission, list your own deals, referrals commission, document database, you'd have the online tools to submit offers, its a good networking opportunity because you'll be further involved in the real estate community and you'd get more of an educational opportunity because you have to study in order to pass the state exam.The realtor is involved throughout the process.I'm new so I mean.. what the heck do I know?

@Michael Garofalo I'm not a mortgage broker, so take my advice with a grain of salt, but I don't believe the bank would have an issue with it, since at that point his parents are equity partners in the deal and the bank has visibility on all parties involved.