You can perform a background check / credit report through BP's tools (Tenant Screening) or use other tools -- I use CIC Apply Connect.LeaseYou want it to be state specific, but if you're worried about legal fees, then a state specific one (without the personalization) can work well.

If you go to the "tools" tab, you can find the House Flipping, Rental Property, & Wholesaling.I used the Rental Property Calculator to create my own offline excel document to run the numbers.

Yes, there are occasionally large judgments, but they are rarer than popular culture would have you believe. 

I needed to look at money as a tool, not an end unto itself. 

What websites and tools do you use to learn about average listing prices, sale prices, and rents?  

The analytical tools available here on BP (above under the Tools Tab) will give you plenty of financials to show your parents and you will probably impress them with your analysis and presentation if done properly.  

@John ArmandoWelcome to BP.I am also a new to this world so I will share with you what I am doing to get myself educated: 1)Go pro – No I don’t work for BP, but you get the tools you absolutely need to be successful as a pro member hands down. 2)Listen to every single BP pod cast.

They make it difficult to lose money if you utilize the tools and professional resources available here prior to committing yourself to deals.

Your time here will be well spent.Since you didn't mention a specific area of REI interest in your profile either, I have added the links below for your review and selection of one or all of the three most popular niches.https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)Now that you have made the move, below are some links that will help with the navigation of the site. http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meethttps://www.biggerpockets.com/alertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/termshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/perkshttps://www.biggerpockets.com/forums/categorieshttps://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)Before your 1st purchase, please ensure you visit the below link for some tips.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

(Ground rules, tools, etc)