In general, I have found everyone seems to recommend the Land Conquest free lessons and the Turning Profit podcasts.

Valuable and soon to be life changing profitability Lessons learned?

Now we're seeing major disasters in densely populated areas and insurance companies can't maintain their profit margins.

BUT, it's NOT net profit.

When starting out it’s a pretty good deal for someone lend you all the money and you give them 50% of the profits.

A 1031 exchange doesn’t apply, but funding through a self-directed IRA can defer taxes, though profits from debt financing may trigger UBIT.To reduce taxes, consider forming an LLC for better expense deductions, offsetting gains with investment losses, or holding the property for 12+ months to qualify for lower long-term capital gains rates.This post does not create a CPA-Client relationship.

My parents have finished paying off the mortgage on their home and are wondering weather it would be more profitable to sell their home or rent it out. 

If you lose 20% to the PM, then you still have 30~40% profit. 

I don't have much advice as now the profits are gone and it seems like the best thing to do is to get your money out the deal and move on.  

Too many are locking up properties at retail prices and tacking on outrageous assignment fees, leaving no room for investors to profit.