Thanks for sharing.What is your next step?

If it is last rental rate charged, then you may have to get creative to accomplish what you want to while still working within the law.Here's an idea to explore.....If it is a 10% increase over the last rental rate you charged, consider using a step pricing lease if allowed by your state. 

Hitting these targets could be the key to unlocking lasting investment returns.Before diving in, developers need to complete pre-submittal steps, including issuing a "Notice of Intent."

However, have you ever gone downtown to the steps near the capital and witnessed a Trustee sale? 

Also seems like a lot of MF sells occupied with tenants in place so you just have to comfortable with that and contracting up from and seeing inside after contracting.    1st step is to find a great lender and get pre-approved for a loan so you know what your budget is. 

Waiting to see how this is going to be to know what are the next steps.

After years as a Realtor and investor, I stepped away from investing for a while.

These are auctions that often literally take place on courthouse steps due to a lender foreclosing on a property due to nonpayment.

However, this has to be the primary residence of everyone on title in order to qualify and even if that were all true, we're still only up to $1M that way.I agree with the other commenters, the parents should continue to own it and live in it as their primary, leave it to the daughter when they pass, and she inherits it at the stepped up cost basis. 

Steps: you go under contact with the owner of the property, you assign the purchase and sale agreement to the end buyer, the end buyer closes, and you get paid the difference between the agreed-upon price between you and the owner and the intended purchase price of the end buyer.