For cost effectiveness we are using Citizens but he has several options to choose from.

@Yocheved BeerLenders typically still require 20-25% down.

Most people will not qualify for this, Fannie multifamily is simply not an option for someone new to this asset class.Bank - This is a Texas headquartered bank. 25 year amortization isn't the sexiest, but that's a human-attainable interest rate with very modest points/fees, with a short prepayment penalty.

If I were to buy a house in cash, do whatever renovations needed and then cash out refinance to do the same thing with the next house and so forth...The second option I can keep going whereas the first option I don't have any other cash to buy the 4th property... am I correct?

It typically has lower acquisition costs than Duval or Clay County, but rents are almost on par.

No matter what option you choose, it's going to cost you.I recommend you get them out and then consider selling the property and investing in a State with fair laws and court systems. 

I also want parents to have the option to back out in 2-5 years if for whatever reason they no longer feel comfortable or want to invest somewhere else.We would prefer the loan from the parents.

, my question is do you think an SF home located about 20 minutes from the RTP / RDU area appreciation will continue at a typical annualized 3% pace, and do you think rent will continue to increase OR do you think the influx of housing over time will keep home prices flat, and rent flat with it?

Yes, I am putting it under contract site unseen but not to worry, I will get there before the options period expires.

I will look into these options and consider if this is the road to take for my journey.