I was wondering how it worked in practice. 

There are companies that specifically offer tenant doesn’t pay rent “insurance”.

@John Retka what would you be able to offer any broker interested?

I even lend out at no charge to friends/family and offer at fundraiser, such as, school auctions, etc.

I have several clients that 'self-manage' or have a full time private manager that has enabled them to offer their manager/cleaner (occasionally the same person or couple) double the hourly cleaning rate (compared to national PM companies) while reducing the booking/cleaning fees for tenants. 

Some good practical advice here already (around the lease terms and eviction or notice).... you actually get an accelerated notice period for lease violation/unauthorized occupant in many states...  

Then she offered to mentor me and share her contractors and maintenance team, etc. 

Who would you be writing the offer to? 

Since the start of the year, I've read a handful of BP books:- Rental Property Investing (Brandon Turner)- How to Invest in Real Estate (Brandon Turner/Josh Dorkin)- Investing in Real Estate with No (and Low) Money Down (Brandon Turner)- BRRRR (David Greene)- Multifamily Millionaire Volume 1 (Brandon Turner/Brian Murray)- Start with Strategy (Dave Meyer), currently readingI was thinking of using the equity to BRRRR small multifamily properties and combine some concepts from both the BRRRR and Multifamily Millionaire books (specifically making cash offers via HELOC to secure distressed properties, ideally vacant to set market rents).

If your parents have a long-term mortgage on it already when offer to manage the property while they're in the Floridas for a split of profit?