As well, I think it would be a good idea to contact some Landlords in the area who are currently renting out to tenants. 

I had also explored the idea of the life insurance; only it would lower the net income when paying the insurance's yearly premiums, and the wish is to maximize the cash flows while my parents live, not after they pass away, so I am leaving this as last resort. 

Any ideas? 

The idea behind BRRRRR strategy is to have none of your own money in it after you finance out of it. and cash flow.

We can't answer without knowing how you are involved in real estate or how old your kids are, but here are some ideas:1.

So getting as much as you can by selling could be a good idea.

My idea was to create a Manager-managed LLC for each, with Operating Agreement showing me as 99% owner and son as 1% owner and then take a note (either HELO or 1st Mtg) on Rental B and pay off Rental A [because my Mtg Broker in Rental B state is great].I want my son to take 100% ownership of both properties if I die, but essentially be powerless for now (until his contributions of time/effort or money start kicking in). 

I like the “cash for keys” idea as it’s faster and less costly than an eviction.  

Wow great info Max, I had no idea any of that was going on there. 

The idea of a partnership was explored, but our lawyer advised against it.