Set your objectives, broken down in achievable steps.

But beware of chasing shiny objects.

Start vetting your team (Reach out to contractors, plumbers, painters, HVAC specialists etc..)There is so much that goes into investing, but these 3 are things I would value above most others.

I can't thank @Kevin Farrell enough for recommending a pest control specialist that sprays.After calling a couple companies, I found one that sprays for $300 per room. 

It's hard to figure out what your objective is as these statements:We want to do this so that I can refinance for them and help them pay down the house.It will also allow me to use the equity on this house to invest in another.are slightly in conflict with one another.As Joe mentioned, adding you to the title will generally be considered a gift for tax purposes. 

While many property management companies provide their landlord clients as well as their tenants with the highest level of service, there are many whose sole objective is making money while providing their clients and tenants with a minimal level of service; this is where opportunity lies for us as an investor-the properties are listed on the property management website, whose owners can be identified relatively easily by a public records search.

My question is how could I objectively compare these two financing options to determine which is the better route for me assuming the seller would accept either offer?

My question is how could I objectively compare these two financing options to determine which is the better route for me assuming the seller would accept either offer?

If you can find a real estate specialist in your state - great.

Now work backwards to figure out how many properties you need to get your $50k and continue working backward until you have an objective to complete today that will move you toward your goal.Depending on what you are making right now, you'll want to try to eliminate as much of your debt as possible to get the debt-to-income ratio down.