I'll also mention my financial planning thus far has set me down the path of having an emergency fund (~6 months expenses), vehicle repair fund, vacation fund and even general savings fund, all of which a portion of my biweekly paychecks direct deposit into.This probably all comes down to personal preference but I guess my main question is this.

From there the long term capital gain portion flows to Schedule D.

Below is a portion of text from NCGS 1A-1 Rule 4:"...Upon the filing of the complaint, summons shall be issued forthwith, and in any event within five days.

You are REQUIRED to provide an accounting of how you spent ANY portion of the security deposit.

By the end of the labor portion, I am usually ready to burn down the house... mostly kidding.The only thing that helps is time.

BTW, I knew a couple who bought a neighborhood church once to live in and transformed a portion of it into a wedding venue since it was in such a beautiful location.   

I *think* that due to the slow pay-down of the 30 year amortization the unpaid portion would get 'stepped up basis' (no tax) in the future at the time of your parents  passing.

I have obtained a large portion of my portfolio by simply "checking in" with landlords/RE investors from time to time. 

You can look into 203K loan which is typically 3.5% down, live there for a year, and you could incorporate the daub portion into the loan. 

Maybe you can use a portion for a rental downpayment then the other on a flip.