If you use an agent, you've lost even more.Based on that risk, I'd keep the rent increase in line with what you had done in the past and wait it out to see if that large increase you believe is happening is actually being obtained and if it in fact sets a new standard that sticks.

The standard realtor fees are likely all we'll pay at close since the contract stipulated the purchaser pays closing costs.

Is that super low or the standard?  

I buy solo all the time and just use the standard PSA for my state that realtors use.Here's one for MN:https://www.mnbar.org/docs/default-source/sections/minnesota-standard-residential-purchase-agreement-(rpf-01).pdf?

The condo is in pretty good condition, but I would still want to put about $40,000 of work into it to make it optimal by Brentwood standards (Re-do the kitchen, and spruce up a few other things). 

How does it compare to perhaps a standard loan and an FHA loan? 

Thanks Dwight Jones I thought there were a standard few options when it comes to purchasing.

So, unless your parents moved to another home and converted the current property into a rental for a year or more (there's no specific time limit, but this is the standard), they would not be able to use a 1031.

When they pick, draft a standard PSA and open escrow.  

If you talk to a RE lawyer see if there's some standard in your state/area about specifying repair responsibilities in the lease; that'd be a simple solution.You haven't signed anything yet saying he can stay, right?