There are several critical factors and potential risks you should consider to ensure a more comprehensive approach.Regarding your math, it seems well-considered, incorporating key elements like repair costs, After Repair Value (ARV), and projected rental income.

Without credit information, how can I handle potential issues like unpaid utility bills?

If you buy in unknown locations, no matter how good the numbers look on paper, you should have a very large cash reserve to deal with all the potential problems. 

Looking at initial quotes for this expansion while utilizing the same renovation refinance loan I discussed above, the potential negative cash flow will shrink from 2000.00 a month to 1200.00-1600.00 a month, which is not much of an improvement.

@Michael Doughty Your property definitely has the potential to benefit from a cost segregation study.

So basically, your parents shouldn't face any tax consequences as long as they're just contributing the property to the LLC and not selling it.However, it's important to be aware of the potential for reassessment of the property's value, which might impact property taxes.

And the entire time I'm really buckling down and saying "no" to potentially fun activities so that I can continue to dutifully save my $250k.A W-2 job will not make you rich.

(They are honestly not too hard but of course it is difficult for many many regular people)I say just don't buy the used one as it always carry potential mold/breaking down issue.

If the site requires a step or steps to get it entitled to accommodate the planned improvements, each of steps has the potential to increase value. 

It tells you who sent it.The only thing that is potentially troublesome with these systems, I thought, is you aren't able to not accept funds.