My parents are currently renting the apt they live in.

I don't want to work till I'm 65 years old like my parents did. 

Initially it didn't cash flow much due to my parents refinancing the property shortly before their passing.

I don’t have any expenses as I live with my parents and make 30k-40k a year what should my first steps be to get pre approved for a loan.

It's one dear to me because it is our primary residence (parents but they give me permission to do everything). 

I'm assuming the kids' parent passed your credit and background check so there's really no need to look for a potential eviction on the kid.

Folks in the know here who I've talked with have actually seen a rental demand increase, as parents want their kids out of the dorms and into 1 brs.

My concern is if they withhold rent.

As far as the W2 info goes, you'll probably want to use some kind of payroll service that will do the withholding and quite a bit of the paperwork for you, but there's still quite a bit involved with the Dept of Revenue, so you'll again want to make sure your bookeeper or CPA is satisfied with the way this is all set up.

If the numbers don’t line up then it’s a red flag.On the property issue side you can renovation loans with holds.