Many people who get those high x numbers are by either relationships with insurance relocators or corporate connections.

. 🌎 For my first property I would like to buy a place for my parents, they are lifelong renters, and on a fixed income.

From gross rentals, a license fee (to use a well known brand hotel), and a management fee are deducted before I would receive my net rental income, which would pay for the mortgage, taxes, insurance, and HOA costs. 

A great cash flow, income producing property.

Both steps help maximize the number of doors over a shorter period of time increasing your passive income and overall ROI.

Through depreciation, other income taxes are offset, through debt paydown and appreciation, he's going to gain $thousands per year in equity.Subjectively, it may appear not to be a deal, but if the buyer understands these factors and wants the property, an entry fee under $10K sounds like a deal. 

Is there a way to maximize income beyond your original projections with this idea?

Frankly, I need this house rented as soon as possible and bringing in income.

It seems like STR might be oversaturated but MTRs with travel nurses, other types of medical workers, corporate professionals might be a possibility to cash flow more than LTR, especially if you self-manage.

Partnering with someone who has cash would obviously work and often times your credit, income, and even labor could be beneficial to them.