Speaking of team, focus on building relationships with a lender/realtor/GC early on.

*This post does not create a CPA-client relationship.

I know investing with family can possibly hurt relationships if things don't go well, so I don't want to make any big mistakes since this is a large amount of my parents inheritance. 

That should rarely be the priority in the agent-client relationship and what makes a "good" deal is a relative term. 

She goes on to say that for her beginner investors, she doesn't let them buy over $100k total (including purchase and rehab), she already has a tenant pending for a particular property she currently wants to sell, already has a good relationships with a lender, and doesn't let rehab go over 2.5 weeks. 

This can be costly for your property manager, and you may have to pay for their insurance policy, which can add unnecessary expenses to your budget.It strengthens your relationship with your property manager.Adding your property manager as an additional insured is a gesture of good faith that shows you are committed to protecting their interests.

Utilizing the preREO strategy, a receiver (i.e. a local real estate agent or property manager who you may already have a relationship with) could be appointed to make repairs and rent out the home during the foreclosure process.

Utilizing my relationship with a great local lender I started the process of getting a secured line of credit set up against the 3 unit so I could pull most of my money back out.

You started with the $ you saved that had effect of securing just 1 property.

Property values: There is a strong relationship between homeownership and property values.