Had mortgage and note on the property.Buyer failed to get insurance is my understanding even though it was in the agreement. 

Is the question Do I ask my parents to look elsewhere because I want to make money?

Money?

For me it’s been a blessing and money well spent.

Quote from @Ruben Diaz: Good evening team!

If you don’t want to spend money I’m pretty sure you could get someone to grade the surrounding dirt and add some gutters for your $5k discount and gain you will have added value and come out ahead.

@Adam BartomeoGuys the IRS requires the 1099 amount to be equal to the GROSS amount you collected on behalf of the owner, even if you are collecting water bills, etc. from tenants.NOTHING is deducted from the Gross amount,including your PMC fees!

we can do it not rented but rate will be significantly higher. easier and more cost effective to rent it. unless the bridge money needs to be paid back asap or you need the funds back to buy more, then a cost analysis needs to be done. personally id get it rented at market rent or a touch below if time is a factor. 

Even if you want to roll the dice, at least is a calculated risk, not a surprise down the road. 

If you like the home, area etc, you could refi and pull out the same amount of money.