Renting the PropertyIf your parents rent out the home, they have multiple income-generating opportunities: Renting As-Is: A 4-bed/2.5-bath home in a desirable area could command a high rental rate, likely around $2,500–$3,500/month, depending on local market conditions.

Hopefully a local wholesaler can chime in to connect.

If you are specifically asking about the requirements to get licensed you'll want to do a google search for you local laws and requirements.

Always recommend local (or at least some level of boots on the group).

Local authorities actually did a great job!

Then I'd push those factors out if there were no good comps.  2 miles, 6 months.  2 miles 12 months , etc.It takes some local knowledge to know when you're pushing those parameters out too far to be useful. 

We've invested around $50,000 in improvements (central air and hardscaping) and our mortgage is a 30-year fixed at 2.5%, with a PITI of $2400.We think it could rent for $3,750 - $4,000 per month based on local comps.

I used the local MLS and I am a REALTOR so I negotiated off my commission to get a better deal.

I agree with where Nicholas is going, first, if it's feasible I'd recommend house hacking some type of multi family or even a single family that's local to you. 

@Kuba Rogut options:1) In-house maintenance team2) Out-sourced local maintenance team3) Outsource to Latchel, Porch, etc., 3rd party companies4) Mix of the above