The Free Parking space is diagonally opposite to the Go space and landing on it can be highly beneficial. It can allow you to avoid expensive properties and enable you to earn lots of money!
In the official rules, the Free Parking space is a space where nothing happens. However, several versions of Monopoly have used this space in creative ways, so did the hardcore fans of the game.
As is the case in some editions of Monopoly, you can establish at the start of the game that the money paid on Income Tax, Luxury Tax, and other fines from the chance and community chest cards is to be placed in the center of the board and given to players who land on Free Parking.
This can change the course of the game, sometimes a player can make more than 200M just by landing on Free Parking. It could be a lot of fun even if it makes the game longer by allowing players who are about to go bankrupt to make quick money.
Remember that throwing 3 doubles in a row sends you immediately to jail. This means you don’t receive the Free Parking money if you were supposed to land on it with the 3rd doubles throw, because you don’t actually land on the Free Parking space but instead are sent to jail right away.
You can decide on alternative rules such as:
Every time a player pays another player rent, the latter has to send 20% of the money they received to the Free Parking space.
Players skip the Free Parking space. This will force players to lose money more quickly because of the increased odds of landing on expensive properties.
Turn Free Parking into a tax space: Players who land on it would have to pay a tax to the bank.
Players who land on Free Parking roll another time.
Turn Free Parking into a Dare space: Every time a player lands on Free Parking they choose an opponent who can dare them to do anything.