My wife Jen (a real estate agent) and I are real estate investors mainly interested in buy and hold single family rentals, as well as flips. 

Single Family, Multi Family/house hack?

This has the potential to be passed later this year.For additional questions, checkout this article on Cost Segregation FAQs.Have you had a cost segregation study performed on your single family home?

Next year my parents plan to sell two of their rental condos and exchange for a single family home that they will rent out to me.

Investment Info:Single-family residence fix & flip investment.

Investment Info:Single-family residence buy & hold investment.

Now, if in your walkthrough and lease review you find material lease violations that could result in eviction, then that would be another option, but again, that is (I am guessing) unlikely and still risky, since there is a cure period associated with evictions.Not sure if this exists, but maybe get a private lender (ideally family member or friend) to lend you on a purchase loan for 10 months, then refi into a different private or hard money lender once tenant is out?

I understand you are eager to get going, but borrowing money from family is 95% of the time a recipe for disaster. 

One recent example of a re-fi we closed for a multi-family building in the Bronx: the property was a 40-unit apartment building with a 10 year, $3.7m note coming due.

Welcome to the BP family @Esther Rivera, you came to the right place to learn all about real estate investing!