Buy the mortgage at discount and reduce the payments.

I am a veteran of Operation Enduring Freedom and a full time manager at a large medical device manufacturer.I am currently on my 3rd home in the past 13 years and therefore have some knowledge on home purchasing and selling for live in homes.  

I have 2 other properties with fixed 30 year debt on them and both producing good cash flow.My Question: In a nutshell option 2 allows me to put less down, increase cash flow, and reduce interest rate risk.

He also has reduced the time I spend looking for houses by about 80%. without refucing our effectiveness or effeciency significantly. 

So here are my thoughts...I would like to get into a fix and flip business to replace my current job and use the buy and holds to significantly reduce my "retirement age".  

The math is unassailable, provided you can reduce your screening evaluation to a single "fitness score".

What is he doing to reduce his risk of relapse? 

It reduces the amount you can charge in rent and may make it sit a little longer, but it's not the end of the world.

My initial thought was going to be to purchase a 100k or so house for my folks with cash, (and have them pay me a reduced rate for rent) but now I'm not so sure that is the best way to go about it.  

Waive it, reduce it?