The LOI provides clear written and agreed terms to help prepare the contract.Sales Price, Due Diligence period, financing terms, Who is paying what fees, what you are requesting for due diligence (leases, financials, maintenance schedules, etc.), Hard or Refundable Earnest money & terms for that, broker representation, title company, attorney info, etc.Best wishes to you. 

>How do I convince my parent's I'm not gambling my savingsAre you financially independent of your parents?  

I'd like the home for a personal residence so I contacted this lady, apologized for her financial difficulties and told her I may be able to save her credit and take the home off her hands.

House hacking is a powerful strategy that can put you far ahead financially compared to those buying a primary residence or continuing to rent.

Renting them in the meantime could be financially counterproductive.

I am super new to learning about real estate financials, so please excuse if some of this doesn't make sense.  

In my experience, my partners don't want a financial incentive. 

Operating Expenses (30-35% of Income)Rule of Thumb: Allocate 30-35% of your rental income to cover operating expenses such as property management fees, maintenance, repairs, utilities, and insurance.Why: Properly budgeting for these expenses will keep your properties well-maintained and avoid unexpected financial strain.3.

Not a landlord but here is my two cents: Do they have solid financials and references? 

Taking on deals like this that decrease wealth, such as low return high upfront cost whole life insurance, paying 19% interest on credit card debt, paying 2% annually to have a “wealth advisor” place your money in Vanguard Index Funds, paying for a high cost mortgage because you’re credit is bad, and “debt consolidation” programs are all reasons adding up to why many people can’t achieve financial independence and remain dependent on working every day to live paycheck to paycheck.There is a chance that in a particular circumstance any of these, including the program offer you describe, can be beneficial in certain specific cases.