“Guaranteed” Rent - Parents will guarantee every single lease we sign.

You could consider house hacking though, this will allow you to live on your property while the rental income helps cover your mortgage and potentially generate additional cash flow.Another option is to start small with a single-family home as it typically requires a lower down payment.

For example, could you scale and have the security of modest cashflow (somewhere between 2-5% after all expenses, including CapEX are accounted for), if you put 30% down? 

I recently inherited a home in Edina, MN. Built-in 1955, the home is among the few remaining homes in the neighborhood that have not been replaced with newer homes. After assessing the cost of remodeling, and either r...

Set expectations up front and keep them accountable throughout.

Is it a single family house and just renting a bedroom?

I've sold four Single Family Rentals.

I have the rents coming in from Venmo go into one central account and then transfer them to the proper bank account corresponding to each rental.

What I'm trying to say is that I recommed giving us more details or if you don't want to put personal info on the internet find a in-person tax professional or accountant who is familiar with rental property taxation to determine your eligibility for deducting rental losses and ensure that you're compliant with tax regulations.

I assume, I will have to open business accounts and use those to manage my business expenses and business earnings etc.