Parents co-buying home with my wife and I. Tenancy question.

[Joshua Hacker]

My wife and I found a once in a lifetime deal on a HUD home in our current neighborhood. It's not the right time to sell our current home but my parents offered to cosign so that we could qualify to keep our current home. Our neighborhood is zoned Planned Mixed-Use Development which allows by right multi family homes. Our current house already has a legal basement income suite and we will soon be renting it out as a duplex. The new home also has a basement income suite. My question is: How should we fill out each of the two purchaser information sheets for the title company? My parents' desire is that this be our home and after we've established rental history for our current home, we will restructure the loan on the new house to take them off the deed. However, if my wife and I, by some tragic event were to die, I'd like my parents to be able to sell the home. Can my wife and I select Tenancy By Entirety and my parents select Joint Tenancy? I'm very confused. Someone help!