Most get bid up too close to full retail to be worth the risk but every week I see one or two properties go at a bargain. 

Banking locally gives you a human you can speak with about your potential deal.

Potential is like wishing in my eyes so a break even amount for rent on a $700k property at 5% down seems like a huge ask.

In my opinion a lease option is a great way to get into real estate investing with low risk.

Did nothing for 3 months straight but sit at this computer looking at potential on market deals and crunching numbers! 

There will be risk to your parents regardless.

I am not expert but I do believe we will see rates at 5.75%-6.25% in the next two yearsWait till rates go down and buy then but risk buying at a lower cap rate because of market fluctuations.  

Can you sense the potential pulsating through the city streets?

Would have to do the math backwards by figuring out the build cost and potential value when the project is completed .

This will help you avoid the risk of slower guest responses which will lead to bad reviews.