How would you handle a free house?

[Carl Griggs]

I have a parent that wants me to help them relocate from SC to TX. They need to slightly renovate their home before moving but can not afford to do so. It is owned free and clear. I am not going to put money into a house that I do not own so they are willing to sign it over to me if I help acquire them a residence in TX near to me. How would a more experienced investor handle this to avoid heavy taxation. A 1031 is a must but are there other more creative options that I may not be aware of? I am also considering a refinance on the home to pay for the renovations. Is there a reason that I shouldnt do that?