To me cash flow only matters if it's commercial properties and you plan to do avalue add, since market value is highly influenced by NOI/CoC/Cap rates/etc of the property.For SFH or 1-4 homes, cash flow to me is secondary.

If you can do a conventional loan, you'll get better rates, might get better terms on the commercial side, but it's really a matter of what works best for your situation, one isn't necessarily objectively better. 

First, they follow up making sure everything is being done timely no matter which side you are on from inspection to appraisal to title work to termite clearance to survey if required to making sure any loan is progressing.

For that matter, is it even wise to buy sight-unseen for a first-timer, given these constraints? 

Now your tenant is going to expect it no matter what.

A true local hard money lender should be able to disburse funds in a matter of a few days. 

@Harry Argueta assess whether it works as an investment property without the complication of moving your parents in there.Then you would need to qualify your parents' ability to make the payments (probably $2000/mo) and weigh it against your capacity (emotionally as well as financially) to carry the costs in the event they cannot.Second mortgages, HELOCs, and LLCs don't matter much at this point.  

May not matter to you, or it may be very upsetting.  

If Im wrong here please advise.A factor that seems to matter as I see it is the equity in the property. 

And because you're in Texas, you should definitely branch out to Oklahoma.However, and this really isn't directed at you but rather those in states like California, I think that too frequently people focus on that too much to the point that they miss killer deals everywhere.I live in San Diego and sure, California seems to be tough, but I don't think it's nearly as tough as people think it is.For the most part, if landlords treat tenants in California fairly -- which every tenant should be treated fairly no matter where they live -- they're not going to face too many problems.Even at the height of COVID, it was the slumlords that were having trouble collecting rent.