In the case of GEG, we let our members know we did not have a track record with them - they were new to us and just being tested - and therefore it was even more important to perform thorough due diligence since we can't be involved in the transaction. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

We are experienced and have never involved anyone in our projects and have never used a loan outside of a conventional mortgage.

Since your parents seem open to your involvement, I would start start small. 

What method of financing did you use? 

RE is a lot more active and involved, even if you hire a PM and a GC which BTW eats up your returns.

There is a book in the library called "Low (and no) Money Down" that discusses the various methods of financing purchases.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

However, my work involves a lot of late nights and it’s starting to take a toll on me, especially with two young children.  

Add in community involvement any way you can.