There is a lot that you don't know, but house hacking and managing the property yourself will give you that step, not leap, into property management where the mistakes you make will come with far smaller dollar signs and very valuable learning experiences.....and of course, you keep you hard earned rent in your pocket which will only help you moving forward.

Here is what is being considered:SCENARIO 1):1) Parents loan us money at X% rate.2) Loan terms would allow for early payment without penalty (we would get a conventional loan in 2-5 years to pay parents back).

I don't know of any mortgages where you can put no money down. 

Just because you buy something for $350K and renovate it and put money into it doesn’t necessarily mean that you will be able to get a much higher value on a BRRRR strategy if none of the other units in your development or area will comp out.

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..Wishing you the best

I've never actually seen a HELOC where the bank restricts what you can use the money for. 

They were very unhappy they had spent the money with TurboTenant and it is apparently not communicated that not all property managers/landlords will accept TurboTenant applications (which is true for the ones they haven't noticed are not using the TurboTenant applications apparently, which was us, until today).

In the residential world, some requirements are relaxed comparing to commercial so it's up to you whether you want to spend the money to have a better planning versus skip the planning and perform the work impromptu.

I advise telling them it took a lot more money than it actually took to construct.

@Hunter HarmonFirst off let me say, incredible job on both saving money and doing your research.