Thoughts about Renting to Parents

[Quan Chau]

Hello BP Community,

Has anyone has any experience with renting to their parents? I bought the property from my parents in 2018 since they didn't want the property under their name anymore and want a lower monthly payment. I recently just did a refinance on the property and looking to buy another property this year as my primary residence. My parents do not want to move and want to stay at the same property. I saw that I can list the price for 20% less than the market rent value and still be able to claim the tax deductions. Any tips, advice, or experiences would be greatly appreciated.

Thanks!