I've been messing with this for a long time. Here's my original build thread
Build-Thread-7-cell-parasail-w-RC-control
The principle is the same as any sky diver. You want the forward speed, about 20 mph, so you can move into the wind if you want to and so you have control of the chute. When moving forward, you pull down the back edge on one side of the chute causing it to slow down. That will cause you to turn in that direction.
I've had no issues with the RC part of this and the chute works well. The problem is deploying it.
First is how to pack it. Man rated chutes like this are packed in rectangle, flat, backpacks. This needs to be packed into a tubular bag. It does need to be packed into a bag and have a controlled deployment or you can't be sure it won't tangle.
The first issue is that since this is intended to be deployed by RC control soon after apogee, I don't want the send the nose cone down on it's own separate chute, although treating the nose cone as disposable and discarding it may be the final solution.
This leads to the issue of the chute tangling with the shock cord the nose cone is attached to. That cord goes from the nose cone to the top of the RC module and is intended to allow the nose cone to hang along side the RC module. This hasn't worked today. Sometimes it wraps over the chute and causes one side to collape, other its ended up wrapped around the chute and shrouds and prevent any deployment at all.
I believe I have a method worked out that may work, but it's not a priority right now and is sitting in the build pile.
BTW, the chute wasn't that hard to build. It's just a scaled down version of a man rated chute, or in this case, an upscaled version of a RC Skydiver chute.
If you do pursue this, make sure you do a build thread. I would be very interested in how you ensure successful deployment.