That eliminates the need for a good credit score, or a down payment, and the interest rate would be negotiable between you and your parents. 

We all start from somewhere and you learn and grow from your mistakes.

Rents tend to rise over time, amortization steadily increases equity, incomes rise, so the investor has a lot of “cover” for unfortunate timing or operating “mistakes”.Number 2 - periods like 1932 - 1941 and 2008 - 2013 are much harder on this strategy.  

Eliminate debt, establish a budget, and save.

I am sure early on in your career you`ve made mistakes and trusted the wrong people/professionals, and I bet that didn't prove you a bad real estate professional.

Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

I think finding someone to work with is going to be a great way to build experience and avoid beginner mistakes. 

Heidi, if you do a 1031 exchange, both the capital gains and depreciation recapture can be deferred, but the recapture isn’t eliminated—it just gets pushed to when you sell the new property.

Eliminate debt, establish a budget, and save.

Worse mistake!