My parents are willing to sell me a property below market cost to help me jump start my rental portfolio. 

I currently live at home with my parents and work full time for the state D.O.T. so I have a decent amount saved up (for a 23 year old at least LOL).  

My parents (retired) own a property in California that is currently rented out to tenants (breaks even).

So the parents and their single child live in this 2/1 space.

Nicole Benischek ,Last winter my parents purchased a buy and hold that needed some pretty major interior updates, complete kitchen and bath upgrades (4 of each).

My parents own a few rental properties and introduced me to bigger pockets to learn more about real estate investing.

My parents are in there early 50s and are looking for a change in their investing.

The amount will depend on you and your risk tolerance, but I don't believe that pet parents should be penalized for having a furry family member when human children can be just as bad if not worse when it comes to damaging property.  

Three of the tenants are around market rents however one unit, is paying about $300 - $400 below market a month (market rent being approximately $1,550).The tenants in the below market rented unit have been there for over 5 years and have a senior citizen (I believe) and young child living in the unit.I am considering offering them cash to vacate their unit in order for me to rent it out at market rents, after probably making about $2,000 - $3,000 worth of improvements to the unit.I am wondering what do you deem is the right offer in terms of the amount I should offer them considering how much they're paying now and the general apartment rental market in Los Angeles.  

We are between employment and staying with my parents - and in a hurry to move out and live on our own again.