You also want to be aware of any self-employment taxes that could be looming.You'll also want to get a CPA involved or a tax attorney from a tax standpoint... what sorts of estimated taxes do you need to pay, what kinds of cash flows can you expect.. 

There is always the 2 policy method.

Remember, there is a fiduciary responsibility involved, so you must be totally honest and make your disclosures. 

You'll have access to MLS to be able to look for deals, keep the commission, list your own deals, referrals commission, document database, you'd have the online tools to submit offers, its a good networking opportunity because you'll be further involved in the real estate community and you'd get more of an educational opportunity because you have to study in order to pass the state exam.The realtor is involved throughout the process.I'm new so I mean.. what the heck do I know?

@Michael Garofalo I'm not a mortgage broker, so take my advice with a grain of salt, but I don't believe the bank would have an issue with it, since at that point his parents are equity partners in the deal and the bank has visibility on all parties involved. 

My goal in real estate is to acquire multi-families using the BRRRR method over the next 15 years or so, and I'll see what happens from there.

Rehabbing will of course be riskier since it's more involved and especially since you aren't local to the property.

Whats the best advice you have for someone who is looking to get more involved?

It’s a great method for acquiring properties with minimal capital, but I prefer a 1038 for more doors (just my opinion).

My goal is to be actively involved, unfortunately my market (Denver) is making it difficult to find deals that fit in my price range (for now).