I’d recommend consulting with a lawyer who specializes in contract law to understand your options and how to protect yourself moving forward.

This community is full of helpful resources and knowledgable professionals eager to assist during your journey.Have you chosen a brokerage yet? 

A couple of follow-ups so I can better understand.

I don’t understand why people do syndications  We can make more money using lenders.  

A concern, however, if we do a sale, is with the price, as I understand that if I sell at too low a price (say, $200K, give or take a few thousand to pay off my current mortgage), the IRS could assess a tax on my parents if the price is more than 25% below market value. 

It would be a huge mistake to jump into a strategy without understanding how to deal with problems that may very well arise, more especially when the property is in tenant-friendly states. 

Understanding how to enter certain markets and when, if they're on your radar, is important.

I understand not buying more up there, but your initial investment there will turn out well.You can check out the BiggerPockets video podcast and leave a comment if you have questions. 

I understand this is my responsibility and I filed an insurance claim and the garage is currently being rebuilt as the entire thing was destroyed.

A lot more comes down to price per square foot than people outside that area understand.