Give your parents the respect they deserve and be a good landlord regardless of who is living in your units.Also, some good points made by @Michele Fischer, as you may want to invest in modifications to make the unit more accessible for your parents as they age.

Education is vital in a competitive market.

I sent out a list of 1000 yellow letters about a month ago and I am preparing to send another list soon, however I am not entirely sure about some modifications to the list.

Looking for some feedback on structuring a partnership.I have a multi-use property under contract for $400,000 that will rent for $3,200 / month.I have fronted $3,000 of earnest money and will put my commission from the sale toward some modifications that will allow it to rent at $3,200.

If I'm the note buyer (in this example) then I could do what's called a loan modification with this person and agree to take past due amount and move it to the back of the loan, restructure payments so that current owner of condo can afford it.  

She was never late, but the mortgage payment was high for her, so she has now done a modification using the FHA-HAMP program to lower the mortgage payment while she is ramping up income (having been a stay at home mom for the last 15 years).  

Just document the modification and get a signature.

@Chad Lowans If you want to take on a partner it's vital to establish a contract or agreement that clearly states who does what.

Unbeknownst to my mom, my grandmother refinanced the house twice then did a modification, we now owe much more on the house than we bought it for, however the home still has equity.

I just walked through a home in North Dallas yesterday that has gone through multiple modifications and add-ons.