I grew up with my parents buying a rental property and spent a lot of time helping remodel and work on that house as a young kid which drove me to wanting to get into real estate. 

I am generating passive income so I can control my time.

This isn't a form of buying, just control over who "can" buy it over the agreed upon term of the Option agreement.3 - The lease gives you control over the use of the property. 

My parents have a rental house that has some major floor rot problems.  

Right now I’m sticking to okc, in fact my parents are under contract for there first rental property in Norman about a mile away from mine.

I think that's not displaying, so here's a shortlink:https://bit.ly/3h4me26If that still doesn't work, search "Matt Risinger Pest Control."

Might be the idea but in practice in high priced markets does not solve the affordability issue which for instance in PDX caused the state and city to enact rent control over the entire state and a further enhanced version in the city of Roses. 

The lease clearly says Pest Control is their responsibility.

What would recommend I do as quality control?

Never ever (I have to put in the 'ever') allow someone else to control your money.