Need advice renting to retired parents

[Trevor Tso]

I bought a second home as primary residence and would like to move my parents there (so they can help out for my child care and I can help them with $, they are little tight).

How can I get the most tax benefit from it?

Can I rent to them with market price and yet gift them back most of those less couple hundreds for utilities?

The new house need some remodeling, but since my loan requires me to live there as primary residence for the first year, does it mean I have to wait until next year for remodeling in order to write the bills off?

Can my parents start renting in the first year?

Thanks in advance for any advice. =)

[Jon Holdman]

@Trevor Tso don't fall into the insanity people someone's do. Sometimes people think "I have to have a mortgage and pay interest for the tax deduction." So, they end up paying out $1.00 in interest for a tax deduction of 28, 33, 35 cents or whatever. You are still poorer by 72, 67, 65 or whatever cents than if you weren't paying the tax deduction. Sometimes folks say, "well, I'd rather pay some banker $1.00 rather than pay the government 33 cents." Insane. Absolutely insane.