I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

I would like to know what all qualifies as completely clean here- Electrical wiring is normal and no unlicensed modifications - Structural inspection is also clean.Seller is ready to discount the price by ~20% from market plus the cost to repaint the whole house What are other questions to ask and things to consider in this scenario?

However, if it's your house, and it's in a good A/B area, and the rental comps have ceiling fans or other amenities that your house do not, your property might not attract the more qualified tenants. 

Seek advice from experienced investors and a qualified real estate agent for informed decisions.

The lower the rate, the harder it is to qualify for these loans since they up the requirements. 

It also might not qualify for some popular second home loan products.Lastly, it’s important to note that this COA is currently undergoing assessments for renovations, which may influence purchase prices.If you’d like a list of all the properties for sale here, please let me know!

The first of course being ability to repay (which borrower should qualify for in this instance since their payment is going down), but more importantly is the loan to value. 

How many tenants would qualify for rentals if you couldn’t depend on them collecting minimum wage for their labor so they could pay rent?

You will just need to make sure you are able to qualify for a refinance depending on the loan balance to payoff your parents  

I have CPA but he is very conservative and I believe I am not getting full tax benefits But neither me nor my wife qualify for real estate professionals I will call you tomorrow ThanksJagan