You're basically describing what's called a Sale-Leaseback (if you want to do more research on it) except you're not going to charge your parents any rent.There shouldn't be any tax implications for your parents since they're not making anything on the sale.

If you are planning to get a loan, then you will want to check with your lender to see if they will lend to your LLC.Not sure you really need an LLC at this point, except perhaps that you can outline provisions for non-payment or if someone wants to sell and what % each of you own, how the LLC could be dissolved, what happens if one of you passes away, etc.In my experience these things never work out very well.   

So you really have no option except to delead.

If you pay cash you can get any loan you want (except for owner occupied loans, if its strictly investment property).

A cash out is very different from the delayed financing exception.

Use it to bring them back to the table to negotiate an increase that you and they find suitable.But yes I believe that Newark's rent control ordinance calls for a 3% yearly rent increase with some exceptions.

Unfortunately, I never claimed depreciation the entire time I owned it (except for tax year 2021 when I finally was made aware). 

As far as the level of buyers it has, I haven't been able to source a buyer via the blast system yet, because I mostly work more "B" markets, and IL seems to be better for sourcing buyers in "A" markets, except, again if you're doing the manual work of pulling the buyer list that I described earlier, and reaching out to those people. 

There are exceptions within SB 608 that would allow units needing repair and are "inhabitable" that allow you to give notice.

Of course there can be exceptions based on strength of borrower and existing relationship with a lender but I am talking more general terms what NNN lenders are looking for right now.