The biggest question mark here IMO is the age/class of the property.

For example, I have a policy in place that says no more than two persons per bedroom not counting infants under the age of 2.

The age old mistake of saying " well I'd live there " is not as prevalent.

Given the age of the building I wanted to account for some bigger ticket items as well that are probably coming up.I see you are a rental property investor.

Example: calling households to sell diapers would be wasted effort on everyone with no kids, as well as everyone with school age kids.Some ideas: you can use search engine PPC traffic, direct mail campaigns, voice mail drops, or just network with other professionals who know what you do.

In this day and age people hide behind phone, text, and email all too often.

He is approaching retirement age and just wants them all off of his hands so he can purchase a dream home down south.His needs are to have it completely off his hands.

Use the positive cash flow from the property your parents are renting to pay down your place.Not sure of your age, but if you are invested in your 401k plan at a conservative rate (like cash/bonds), take a loan from your 401k plan.  

What %age of the appraisal value do you offer using direct mail?

The moment the question of age comes around, everything gets turned down.