If you are okay with your job, the best thing to do is keep it and use that hard earned money to start building equity.

Would you just leave out the income requirement since the housing agency is covering the rent?

The former is valued based on the income approach and the latter based on comps. 

A reverse mortgage can be paid off, but the parents may have trouble obtaining financing as typically a reverse mortgage is received when borrowers have trouble making monthly payments and have little income but lots of equity.

.- We've upgraded 75% of the units with fresh flooring, paint, cabinets, countertops, and appliances as needed.When we took over the property the 16 units were producing around $9000/month in gross rent.I just checked our rent roll today, and we just crossed $17,000 in gross income monthly!

@Terri B.To increase your Cash on Cash return on investment, it may be beneficial to use debt to obtain income and asset appreciation with less cash expenditure.

Not for me, I wouldn't want to be forced to distribute 90% of taxable income  to shareholders.Private fund?

Once you complete the property, you could then do a DSCR to pay off the initial fix-and-flip as then you will have the rental income to show for it.

When I calculate an offer on a property, I typically look at the potential rental income and subtract from that all operating expenses such as taxes, insurance, management and maintenance.

Assessing financial objectives, property costs, rental earnings, tenant interactions, and market patterns is key to making well-informed choices.Good luck!