Hey Nathan, congrats on taking these steps.

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. 

Hi BiggerPockets community,
I’m new to real estate investing and excited to learn! I currently own one property, and I’m planning to purchase another. I’m trying to decide whether to rent out my current home or the n...

Completely remodeled home only minutes to Downtown Pensacola 📍BRAND NEW ROOF, HVAC, WATER HEATER, ELECTRICAL, KITCHEN, BATHROOM, SIDING, FLOORING, LANDSCAPING, FRONT & BACK WOODEN STEPS, AND ALL OF THE FIXTURES.

We usually redo the concrete walks or steps if they are old, graying and in need of repair.

Hi Nick, welcome to BP and congrats on taking your first steps! 

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. 

I’ve had to step out of my comfort zone and do a lot of the repairs myself.

Overall, your next actional step should be attending local REI meet-ups.

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