Watch the house to see if they abandon it, which they probably will.Buy some books and educate yourself on how to be a better landlord.

What are the watch outs or steps that you recommend?

Its tasteful but makes things a little cozier.We are not a luxury property, and that's ok. 

I have an accepted offer on a luxury cabin.  

@Matthew Samson, The conversion into a rental and then 1031 can actually be used with the primary residence exemption as long as you watch your dates.Your parents move out for a year and convert the property to investment. 

I am in the Charlotte market and surrounding, and I do everything from luxury $950k-$2MM to starter homes from $250k to $300k and townhome sites.

I loved watching them play

After watching my wife, son and I build our 8locations over the last 7 years, he finally got the itch and saidhey, help me get started.Already posted theprocess he went through on another post developing the location.

Watching and playing an active role in the transition from primarily 2nd liens to 1st and 2nd liens, laid the foundation for me partnering with GSP REI.

I've watched several "Webinars" (pretty sure they're just hyped up YouTube videos and not what I would consider a webinar) right here from BP that are really just a push to become a "PRO" and gain access to all the tools.