We would want to make my parents the 'renters' and we as the landlord.Question: In terms of taxes, is there something we should consider when renting to our parents?

We are wanting to start a House Flipping business and are just looking for some legal and tax advice.

It pays the taxes, the water and sewer, and the cost to heat the property while leaving some for maintenance.

This is generally not tax-favorable as you are taking a large chunk out of the IRA at once and will pay a high rate of tax.  

1.Explore tax incentives or financing programs: Look into potential tax incentives or financing programs offered by the local or state government for affordable housing developments.

However, Florida generally has lower property taxes, which could be a factor to consider.While you mentioned your interest in multi-unit investments with seller financing, it's important to keep in mind that this can be a complex area.

This has to be one of the least friendly states to be a landlord, and the taxes are high.

So just knowing the basics and directing them in the the best tax position is helpful.

It will be a business and will be taxed as such.You will need to get with a CPA in order to quantify those differences.

Helped us pay off the mortgage, now we are paid to live here after paying all expenses like taxes, insurance, utilities,  internet,  etc👍