not sure if i am comfortable with that sorry

It's all about getting out of your comfort zone with "training wheels" with your first few deals.  

Do as they say, but if you don't feel comfortable serving papers, you can also have the local sheriff do it.  

It all depends on where you're comfortable investing.Regarding your reserves, $20K per property seems insanely high to me.  

If you plan to do similar deals with him and other investors, it probably makes sense to invest sometime thinking about the terms you are comfortable with. 

It's also important to me to not impose any liability on my parents if my plans go south.If you get outside of the box a bit and both your parents and you are comfortable with it, then you may be able to still arrange such a thing without inheriting now ... for example, you could "manage it" for them rather than "inherit it" from them, and may even be able to have them pay you a reasonable management fee for that (double check) ... then in the end inherit all you've managed with the stepped up basis on an expanded and improved portfolio (assuming you did a good job managing).

., you have to have your butt in the seat from 9-5, M-F) it will be tough.  

I'm feeling a little more comfortable with venturing into funding the deal through HELoC.  

It is really up to your comfort level and privacy.Should I get a second phone line for responses?

@Dale Wood you might ask your agent if your asking price is realistic before you tour the property if you have a good estimate of what it will be if you are close, then by all means tour the property, if you are quite a bit under the asking price with a low chance of being accepted, you can submit sight unseen if you are comfortable with that, thus saving everyone time.