However, I am assuming the parents  fall under the life time exemption of around 11m.

On a FHA the PMI doesn't go away for the life of the mortgage, but it will automatic fall off at 20 percent with the conventional.

• Single-family home sales increased for a sixth consecutive month, surging 25.6 percent year-over-year with 7,990 units sold;• The Days on Market (DOM) figure for single-family homes dropped from 59 to 46;• Total property sales shot up 28.1 percent with 9,660 units sold;• Total dollar volume jumped 43.9 percent to $3.1 billion;• The single-family average price achieved a record high, rising 15.0 percent to $341,765; • The single-family median price climbed 12.0 percent to $270,000 – the second highest median price of all time; • Single-family homes months of inventory registered a 2.2-months supply, down from 3.6 months last November and below the national inventory of 2.5 months;• Townhome/condominium sales jumped 23.4 percent with the average price up 2.5 percent to $224,130 and the median price up 11.8 percent to $190,000;• Single-family home rentals fell 11.1 percent with the average rent down 5.5 percent to $1,882; • Townhome/condominium leases declined 4.0 percent with the average rent up 11.5 percent to $1,674.

I like having the mix as it gives me the benefit of leverage with the counterbalance of needing a very small percent of my returns to pay notes and taxes.

As of November 30th, there were 2.76 million homeowners in active forbearance plans, and that represents approximately 5.2 percent of all mortgages.

All other residential buildings that are 20 years or older would be able to add 33 percent of the number of existing units, and rounding up or down.2-flats: 2x0.33 = 0.66 rounding up to 1 unit3-flats: 3x0.33 = 0.99 rounding up to 1 unit4-flats: 4x0.33 = 1.32 rounding down to 1 unit5-flats: 5x0.33 = 1.65 rounding up to 2 units6-flats: 6x0.33 = 1.98 rounding up to 2 unitsAnd so on.If adding a coach houseAll properties that are either vacant or have a single-family house, 2-flat, 3-flat, or 4-flat would be able to add one coach house as long as there is no conversion unit on the lot."

And I think dont it's intentional but a lot of the big wholesalers (or the people working for them dispo-ing deals) in SA don't actually invest.  70% percent deals are tough to come by and if when they do exist...people are either going to keep them for themselves or sell/wholesale them for more.   

I am wondering if I go in with 25 percent down and do a construction to perm if they will refi at 75% what it will actually appraise at?

Half of a percent is nothing and you have the rate locked in longer.

https://www.har.com/content/newsroom/Houston Real Estate Highlights in November:• Single-family home sales increased for a sixth consecutive month, surging 25.6 percent year-over-year with 7,990 units sold;• The Days on Market (DOM) figure for single-family homes dropped from 59 to 46;• Total property sales shot up 28.1 percent with 9,660 units sold;• Total dollar volume jumped 43.9 percent to $3.1 billion;• The single-family average price achieved a record high, rising 15.0 percent to $341,765; • The single-family median price climbed 12.0 percent to $270,000 – the second highest median price of all time; • Single-family homes months of inventory registered a 2.2-months supply, down from 3.6 months last November and below the national inventory of 2.5 months;• Townhome/condominium sales jumped 23.4 percent with the average price up 2.5 percent to $224,130 and the median price up 11.8 percent to $190,000;• Single-family home rentals fell 11.1 percent with the average rent down 5.5 percent to $1,882; • Townhome/condominium leases declined 4.0 percent with the average rent up 11.5 percent to $1,674.