If your cabinets are made out of plywood and nice enough painting is actually a great option. 

I'm an Italian investor, and I will say that long term rental is a very risky option.

Staging your house well can help you attract more attention from buyers, which ultimately helps it sell faster and maybe for a higher price than an unstaged home (see visual):What Are My Staging Options?

However, if managing tenants isn’t something your parents want to deal with, selling after renovations could also provide a large profit.Feel free to reach out if you'd like help with running numbers or considering financing options if you go the ADU route → I’d be happy to help!

Then ask them what your options are to reduce payments in the future.

If the renter has no way to take care of the pets and you do not want to keep them due to their cuteness and friendliness, then an option might have to be a no kill shelter.https://www.nokillnetwork.org/

During period of low interest every post on BP was about cash flow - now that cash flow upon acquisition is dead the only option is equity which is also reeling because price appreciation is finally back to realitypersonally I buy for growth because I buy to hold for 10-20 years or longer.

The other option I have not seen mentioned yet is finding a corespondent who can originate for you.

If it does vest, then the 2nd isn't currently $8k and the paperwork could further help your case.Other option is to completely ignore the equity in your residence and look for creative financing on the property you want to purchase. 

Hi @Aaron Raffaelli, you've gotten good advice here as well as some good options.