I agree with what the other posters have suggested.

I'm looking for something reasonably priced in a good neighborhood that I will be able to get rented quick, and I was wondering if any of you guys had some suggested areas to invest in.

As someone who also had a real estate background and got into notes I would suggest to start in single family and buy a performing note first.

@Jonathan Rosado, as for "the property will go under one of our names not both", conventional wisdom suggests that it should be in the name of the person who earns the most, for tax deductibility reasons.

Suggestions?

@Jaz PatelIf you want lower risk then I suggest either performing notes or being a hard money lender. 

If you're parents are going go receive any money from that then they will have to take depreciation then on that property and it will appear on their schedule E as well (upon sale they have to recapture any depreciation they took or could have taken so watch out for that).If you go further the route @Corby Goade suggests with a deeding you'll want your accountant to advise on gift tax consequences or use of the one time limitation. 

When creating any list with a list provider, I very strongly suggest calling them directly and speaking with someone.

I would suggest to find a local meet up in your area to find locals who are actively doing what you'd like to do, listen to the Bigger Pockets' podcasts if you are not already and to figure out what your preferences are (location, size/type of property, price range, desired ROI or cashflow, etc) so that you can start analyzing deals.

I personally wouldn't suggest buying in the DFW area though if you are looking to do STR's.