The condo will be worth less once the Hoa goes up.It will take you 5+ years to earn the $75k in additional cap gain taxes you owe.

Just plan to keep expenses on a spreadsheet.  6) We got an umbrella insurance policy vs LLC - lots of forum threads on here about the differences and which one is best depending on situation.  7) An emergency fund is paying yourself, I don't sleep well whenever mine gets low.  8) For me, it would depend on your financial level, time to retirement, and/or if you have income you need to offset or not. 9) you need to figure out if selling with the up-to- $250,000 capital gains tax free for primary residence is better financially for you than renting as you'd be converting to a rental and potentially losing that tax advantage (takes a lot of monthly rents to equal that benefit), and talk to your accountant about the depreciation as I think they still value it as depreciated when you sell even if you forget to depreciate at tax time.   

I am an "active" passive investor. 

Keep in mind you can keep it as a rental for up to 3 more years, and still sell without paying capital gains tax.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $25,000

Cash invested: $11,000

Sale price: $62,000

Contributors:
Peter Vekselman

Partner Driven...

You might have to lower your cap rate expectations in the short term, but it's worth it for better long-term gains.

. $2,500,000 - $1,581,500.00 = $918,500 equity gain.

Now, other tax incentives like simple business write offs for expenses to set up the properties as an STR that’s most likely still something you can write off against your rental income gains.

And yes that makes sense - you are gaining equity on the property so it should count as a return you are receiving.

This would still give them a monthly cashflow, cure the capital gains tax requirement when sold [ check with CPA or tax attorney] and alleviate the maintenance / management issues that your parents currently have.