Feel free to use me as a resource for any loan-related questions. 

I'm currently living with my parents rent-free, so I have the flexibility to wait before house hacking.Considering these factors, would it be advisable to rip out the carpet and install LVP flooring now, or should I wait until I move out to make the change?

Please feel free to connect with me and let's have a conversation regarding it. 

You can't just move into a rental you had for 14 years and live there for two years then sell it tax free, the limit is 2/5 years and periods of qualifying and non qualifying use matter.

Also, it's free!

If the tenants don't pay for the water they tend to view it as a free resource and as a result there is a lot of waste.

Feel free to DM me or reply here. 

If you would like my CPA please feel free to give me a call or shoot me an email. 

@Ran Fridman, What you're trying to do is pull out money ahead of your 1031 so you can get cash in your hands tax free. 

Paying cash for the foster family home seems like a compassionate choice, but if it strains your finances too much, it might be worth considering financing part of it to free up cash for the remodel.