The cleaning is looking to cost around $10k alone - and this doesn't include replacing soft furnishings, or the HVAC system - as we have flexible ducting and Colorado meth regulations don't allow the cleaning of flexible ducting.I have home owners insurance, umbrella insurance and AirBnB Host Cover - but there seem to be exclusions concerning drug use. 

Yes, you will qualify for the sec 121 exclusion. 

Never came out of the deposit.She has exclusive use of that driveway which means she pays for plowing, but I have it done as a courtesy as mine is being done and the additionally cost is nominal - so asking to have her/him help by cleaning their cars…as my plow guys waits because they take an hour to come out, then have him peep as she does it solo so my guy can clear the driveway and me never saying a word about it to either of them - because it isn’t my business except I was out there shoveling/clearing snow so I witnessed.

But what are the pros and cons associated with a student housing investment compared to a traditional buy-and-hold investment where you're not renting exclusively to students?

But what are the pros and cons associated with a student housing investment compared to a traditional buy-and-hold investment where you're not renting exclusively to students?

If OP pulls out for some reason before the parents die, the current owners could lose their 2 of 5 year gain exclusion.  

@John ClarkAre you referring to the annual gift exclusion?

I don't think it is terrible, but if you rely on it exclusively, you might be way out of market.

Let's say you hoise hack and 1031 your way up to multiple properties and you finally use one of the homes as your exclusive principal residence and sell.

My wife and I are approaching 2 years of ownership and use of our only home as our primary residence in which case we should qualify for full $500 exclusion of capital gains upon sale.