If nothing else you would have improved your negotiation position substantially. 

@Jessica Geisler, You're in a great position because you have something incredibly valuable to offer him - time and flexibility.He needs time to find his replacement property.   

Every other lender is offering the parents 20% or 25% down and an investment property rate, I'm in a position to offer 5% down and an owner occ rate because I ask that question (or some other question - are you a veteran?

Rental real estate often generates losses for tax purposes even when there is positive cash flow.

It is never going to have positive cash flow so I personally would sell before the property value drops.

Congratulations on achieving the position in life you have already achieved.

Since we make offers based on return, we only get about 20% of that number.I define a good deal as a property that meets the following three criteria: Sustained profitability - The property must generate a positive cash flow today and into the foreseeable future.Likely to appreciate over time - No one knows the future but some properties/locations are more likely to appreciate than others.Located in an area where you can make money and business risks are low.Do we buy just based on return?

Often I have seen out of state Investors enlist the assistance of a real estate professional who knows the area and properties and can offer their expert advice including videos pointing out both positives and negative but again not without having an inspection contingency as part of the agreement. 

It been suggested multiple times that I go ahead and get my license, but I hesitate at the idea of locking myself into a sales agent type position.

I think its probably too early in our process to ask realtors and property managers to spend time with us, since we're not in a position to purchase.Thanks,Mike