If the cracks are superficial i would just put up some 1 inch strapping on the walls and sheetrock over it but if they are bigger cracks i would that could potentially create more problems i would fix them for sure.

@Mat Trenchard & @Ethan G. - there may be some useful information on here at some point. 

Here are some podcast that have helped me besides BP PodcastRental Income Podcast with Dan LaneRefresh Your Wealth with Mark Kohler and Mat  Sorensen Atty/CPA lots of legal and tax adviceOld Capital Podcast - Lender podcast deals mostly with multifamilyBest Ever Real Estate Investing Advice Ever with Joe Fairless - This is a daily podcast.

Things like cracked window, not strapped water heater, missing smoke/fire alarms that the lender wanted rectified. 

There are lifetime warranty programs from certain companies that do strapping techniques.

So here’s the situation, my parents are financially strapped and are considering selling their home to me so I can rent it out to them for less than what they’re current mortgage payment is.

Dust masks with a single strap don't fit tight on my face.

I took a pay cut with my company to keep it afloat, play the long-term game, and to stay with the company/help it grow, so I have been strapped with cash.How should I responsibly handle this 1k/month once we move in?

Hi Mat.

Even with short-term rentals were hedged with long-term, having 100% vacancies for multiple doors of anyone's portfolio may strap anyone's cash reserves quickly, except those sitting on uninvested millions in retirement accounts and 0 debt.