I have 3 STR, all of which are at least 1 hour away from where I call home.

Perform a home inspection4.

You can do less than 20% down (as low as 3.5-5%) if you intend to occupy the home for at least a year.2) There will be an HOA (homeowners association) which restricts rentals, so be sure to read the CC&Rs (governing documents) to ensure that your rental strategy is allowed, even if you intend to live there at first, eventually you'll be transitioning it to an investment property, so this will be important.

Forecasted Home Value After Completion = $450,000. 

What is the detail of the home?

With an average monthly profit of about $1,175 after expenses, it’s proving to be a strong investment.If your parents sell their home and want to move in, you’d need to weigh the trade-offs—losing that steady revenue vs. the stability of a long-term tenant.

I have a basic knowledge of real estate 2 home purchases/rahabs (NM & CA) and 1 sale in CA.

It would cost us $42,500 for downpayment and loan costs (+ home insurance/property taxes) upfront. 

Is your home insurance going to be $1200/year or $6,000/year. 

It could be owning multiple single-family homes, an apartment complex, or both.