U want your parents to talk to their CPA FIRST.. if they go the development route they are now ( depending on the amount of units) creating inventory.. which will be taxed at ordinary income rates ( very HIGH)if they just sell they can 1031  and move on to something else.. many times when you run the math consider the risks of a partnership.. the sale of the land is far better than thinking your going to make some profit.. 

It's more likely than not that something renting for $500 under market is a scam anyway. 

I would really like to chat with you about your experience with house hacking in Albany and Lebanon since my wife and I are really considering this route if we could find something that will work for us.

Now there are some improvements (kitchen remodel, bathroom remodel, upgrading windows) where that flips on its head, but it's still something to really plan through. 

., it's very small and isolated) now is the time to get a lot more real estate and investing education and keep your eyes searching for something local that you can get the seller to finance. 

I  am a contractor and always pull permits , it covers my behind if something goes wrong .

If it's HOA/Condo vehicle requirements you're worried about, it's usually already in a standard lease that they follow those; otherwise, they'd probably expect tenant to comply with city codes unless there's a viable reason an owner wants something more strict. 

The ones who think something big has changed, clearly havnt read the actual settlement or Department of Justice Statement of Interest in the MLS PIN case.

That said I'm not sure the TCO will help here because it is a meter set with PGE, not something that is a City permit issue...maybe they can allow it with a temp pole/meter but I wouldn't count on it. 

Ideally I want to buy something in Florida that I can keep part of the property vacant for me to live in several months every year.