I'll add a few more things that can have a huge financial impact: required reserves, LTC (loan to cost), application or other upfront fees, and prepayment penalties.As a fellow flipper, I think it's important to have reserves, but they shouldn't be required as part of your funding.

I had to have an awkward conversation with my favorite realtor when their broker suggested everyone had to pay a $700 “document fee” on every sale.

Selling the PropertyIf your parents decide to sell, they could: Sell As-Is: At a current appraisal of $350k, they could walk away with a sizable profit (after transaction costs like realtor fees, taxes, etc.).

Tax free appreciation and rents significantly trump the loss of depreciation and custodial fees.

Canton is not quite as bad, although they have increased annual fees and initial inspection requirements in the past few years that Akron never put in place. 

The issue I see most is the cashflow gets crushed by HOA fees and the added headaches of having them tweaking rules etc. 

The interest rate and loan term remain unchanged.Fees: Most lenders charge a fee for recasting, typically ranging from $100 to $500.

The meters are rented and the monthly fee ($7.50) can be charged to the tenant on their statement. 

The high HOA fee is already a factor, so ensure you’re comfortable with the overall carrying costs.Focus on the Land Value: Since the lot has development potential, you’re looking at this as a long-term investment.

Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health) and choose the one that is most “stable” with the best potential for long term tenancy.This advice is contrary to maximization of rental income, but IMO will reduce expenses of tenant turnover, property damage, property management fees so much that the difference in bottom line income will be quite small.