It might be just me... but I don't think long term rental might be the move here. 

With an average monthly profit of about $1,175 after expenses, it’s proving to be a strong investment.If your parents sell their home and want to move in, you’d need to weigh the trade-offs—losing that steady revenue vs. the stability of a long-term tenant.

I'm feeling for this guy and his wife's health.

My short term goal(s) in the next few years are to have 4-5 properties (long term), as well as a multi family home.

We live in Northern Florida and manage our 10 long term rentals and do flips in northern Florida and we decided not to go that route with this south Florida home after we started digging into it.  

We realized the data indicated there was a gap in short term rental housing in the 1 bed 1 bath category.

I’ve been in the real estate business for almost three years now and have completed five deals: one buy-and-hold long-term rental, one short-term rental, and three fix-and-flip projects, for which I helped raise capital.

I always told clients even when the rates were going up not to buy something on short-term thinking (i.e.

Did my rental analysis and it would work fine as a long term rental.

But as long as you're in the right area for the type of tenant you want to attract to its not that bad.