I'd rent it, for something to cash flow $400+ per month in a high cost of living area after you've pulled out all your cash is pretty great, you don't even have to sell it within 2 years because you can just do a 1031 exchange down the line if you choose to. 

I mean are there any drawbacks or concerns an investor might have when choosing to get started with this path?

@Sergey KalinaYou don't get to choose your family, but at least get better friends, приятель. ;)  "Bad advice" is an understatement.You don't "write off the money put into the house."

If I’m trying to grow my portfolio of investment properties (2 to 10 doors within the next 2 years) what other factors should I consider in the type of loan I choose?

The difference in value can be substantial but the only real way to know is to simultaneously list a property as a combined sale and as separate sales and be careful about what offers are accepted as its the last chance to choose one method.

@Santiago FelixYou should have no problem finding a company to close your deal, there are two methods here in California and each company chooses to close differently,Some allow an assignment through the escrow and others only want the double escrow.

You want to make sure the QI you choose can withstand the current situation.

It depends on how much customization you choose to do to the signs or if you use the standard template they offer.

There's plenty to choose from.  

Obviously your parents may just want a fresh start with some money in their pockets but if you choose to pursue the property please share the journey on here as I will likely be doing something similar in the years to come.