If they were looking to create some investment income and can afford to buy another home without using the proceeds from the sale of this one, however, a 1031 would be a great tool for down the road if they were looking to trade-up to a more lucrative property or move their portfolio into another market without paying taxes on the sale.It sounds like the tax exempt gain will be the best bet - it's called the Section 121 exclusion if you want to google it. $250k for a single person, $500k for a married couple filing jointly.Best of luck to you and your parents!

I live in Texas where LLC's are very popular asset protection tools.  

. :) It is amazing how many tools are available today.

Often times it seems newbies get into the loan space only to find out they need more tools than the latest greatest guru seminar told them about which is roughly a FC attorney and some form letters.  

2 Points:@Dalton Hirst I sent you a Portal, great tool for property access that we can both use.

@Vina Real a self directed IRA can be a great tool to build your wealth with significant tax advantages. 

Two different strategies, you can't mix them but both can be very powerful tools helping you build your wealth. 

@Chris Porter Definitely take advantage of your VA loan, great tool to house hack. 

Be sure to utilize all of the great tools and connections with fellow members.

Checking today with some people, none have openly laughed at me but did get the polite we will not be able to help at this time routine.