I would like your advice on these two choices I consider :Option 1: Getting a first SFH below market (under 150K) which would consume almost all my cash, rehab it, rent it and refinance it (we don't have seasoning period here) and repeat.

REIs should make low risk high reward choices, or high risk higher reward choices.

What is the best choice over the life of the investment...and more importantly, which one brings you less stress to manage and maintain.

I'm not going to name any names here, but please be sure to check online reviews before making a choice!

If you choose not to buy commercial liability/umbrella policy, it is up to you also, its either $2,000/year or your house, car, bank, but the choice is yours.

However that is a personal choice.

Back to REI, I've found this is my vehicle of choice.  

Hello,In most states you have the choice to pick your Title Company, you can always google the title companies to see if they have reviews.

You probably have 2 choices, if you don't want to involve your parents. 1)  sit tight for a bit and double your savings. 2)  invest the money in advertising for great deals, and use wholesaling to fund your first purchase. 

Price it at or just below market and you'll have your choice of tenants.As always, be sure you have cash reserves to cover any vacancy.