They have been paying us a minimal amount of rent over the past 2 years, while living in our investment property.My parents' health has been deteriorating and we're planning on having them move in with us, as to have them closer and provide the care they need. 

You may need to provide information on contractors you will use, or they might not really care.

Do I care about the extra interest that will not accumulate or do I care less because I can acquire another property and someone else is paying the interest?   

They take care of the place well.SOMETIMES there is more to the situation than just dollar$ and cent$.  ;-)

I don't much care what the city cap rate is...I want a certain return for my money so if I am not getting that I am not doing the deal. 

And remember govt backed mortgages (Fannie Mae, etc) forbid STRs, so be careful on length of stay. 

Be VERY careful when investing in REITs  either Publicly Traded or Primary offerings. 

But, if you've set a score as a qualification, you need to be careful going away from your standards.

Some wholesalers will help guide you as well, but you have to be careful because they are trying to sell their deals and will shine the light to make them look as good as possible.

Hi BP,So i just passed my school and state exam in long island,The reason i did this was to become an agent so when i do flips i have access to MLS and i can use the buyers commission as the flipper to pay buyers commission when home is being sold.Im trying to figure out what type of broker i should join, most of the big brokers focus on sales agent pitch too much, the only thing im trying to figure out as an agent is what type of docs i should be looking at when im closing my own purchases or could a lawyer take care of all that at closing.ThanksKhan