A lot of people hope that “working professionally” on someone else’s property will get them close to REP, but the rules are much tighter than they seem.You can absolutely help your parents with the 1031 exchange, but that alone will not qualify you as a Real Estate Professional.

Quote from @Placeholder Placeholder: My parents own a home worth ~450k in a suburb roughly 40 minutes north of Cincinnati.

No way I would do this unless I felt certain I could get the remainder of the house or at least a controlling majority.   

How much are rent-controlled renters generally accepting as buyouts to vacate the apartments these days? 

Quote from @Sebastian Lim: Just got a 56k job in westchester county NY and I'm still living with my parents.

Is it worth it for me to house hack if my parents allow me to live at home and I have no living expenses?

In the end, you're a controlled asset.

There is a reasonable expectation that parents should supervise small children.Wouldn't hurt to run this by an attorney. 

A lot of new investors feel stuck right now. Prices are high, rates are high, and cashflow is tighter than it was a few years ago. I get it. I spend a lot of time with newer investors at our meetups and the patterns a...

The key is having parent co-signers, clear house rules, and reliable maintenance contacts since turnover and wear could be higher.