Separation and renovation

They also need an income. How much would the house rent for on the open market.

They would probably be better off renting for max under the rent a room scheme of 14k if they could get that and not pay tax on it. Which doesn’t apply to you as a daughter.

Then transferring the property to you with them retaining a legal interest, right of residence, as Horsemsn suggested might be an option for all of you. My late grandmother did that for my uncle as he was incapable of managing himself.
You can't avail of the rent a room relief to a daughter. Your grandmother could only do what she did because your uncle was incapable of looking after himself.

OP please read up on what you can and can't do from a tax perspective if you do something wrong in Revenues eyes no matter how well intentioned it was you will end up paying.
 
The only exclusions to renting a room are son or daughter, therefore renting a room to parents could be an option for the OP
 
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