I plan to use $120K from my parents (not as a gift, but as a private loan) and $30K of my own money.

Conventional loan, 5% out of pocket with 15% gift from family to eliminate PMI.

Recently, my dad gifted me a flag lot in Irving, TX (zoned R-6 Residential), originally with the intention of building a home for ourselves.

A week ago i shared a post about a potential build to rent project in Lehigh Acres on land gifted to me by my father.

The world needs you where you have passion and the hard days and times are not so hard because your doing what you love, the work is a gift. 

But… Because you were gifted the property you inherited the giver’s cost basis.

no one is going to present you a gift-wrapped, perfect STR that is just sitting on the MLS waiting for you to buy it.you got great feedback from @Bryce Jamison - a short term rental is a huge undertaking especially with so much saturation in so many markets.  

He could then gift or pay you separately from the proceeds around $19k per year, which may be more tax-efficient overall.But that does not get you all the proceeds of course - the only other way I can think about it is for you to 1031 it into another piece of real estate if that would work. 

Conversation starter, learn about your customers, and you wouldn't believe how many problems you can solve with a $50-$100 gift card from their favorite place. 

I know this offends those that think these percentage rules are Gods gift to REI.