Parents will be more likely to understand and deal and contain a lot of stuff like that out

what fly-by-night "bank" will offer $40k loan on what is likely a property that should be donated to the fire department?  

@Karl Dela Cruz have one of your parents co-sign the mortgage with you. 

@Alexis DavilaI read through another post you created on bigger pockets where you discussed the properties you and your parents own.There may be gift tax implications if your parents remove themselves from title.

I am not sure if you get any deductions on your taxes for the donation but you could always ask them.  

Two parents and 3 kids is pretty standard for a 3/2 occupancy.

He's the epitome of a slum-lord who inherited it from the parents & the place is in dire need of maintenance, yet he seems immune to code violations.Most of the little strip motels (there were many) have been forced into bankruptcy/foreclosure by a deluge of microtels that cropped up 2016-2019, then Covid hit, so most have 90% vacancies.

So my parents own a 3-Unit property in Chicago, IL in the Logan Square area.

So dealing with Middle School students and parents has uniquely prepared me to deal with tenants IMO.  

The plus one is sleeping on the couch or could be a baby in the parents bedroom in a bassinet.