Julian Welcome to Bigger Pockets you are the right place to learn try also see the podcast and tools it might help you for your future deal.Hoping for your success.good luck

Hard money is a tool in my toolbox to get deals done.

I will be paying the mortgage off myself and there are no additional investors.Also, has anyone created a similar tool for themselves?

That is a great tool.  

More tools in the bag of tricks = more ways to help people = more ways to get paid.

Nope, did not see it, wraps are a great tool.

@William MazzuccaAre you planning on being an agent or just using your license as a tool?

I might add, the unit has a garage and the tenant has a lot of tools in the garage so he would likely need to find somewhere else that has a garage.

If they were looking to create some investment income and can afford to buy another home without using the proceeds from the sale of this one, however, a 1031 would be a great tool for down the road if they were looking to trade-up to a more lucrative property or move their portfolio into another market without paying taxes on the sale.It sounds like the tax exempt gain will be the best bet - it's called the Section 121 exclusion if you want to google it. $250k for a single person, $500k for a married couple filing jointly.Best of luck to you and your parents!

I live in Texas where LLC's are very popular asset protection tools.