Gift of Equity, 400k

[Houston Ponder]

My parents have agreed to use a Gift of Equity to transfer ownership into my name for payoff. The principle payoff is 187k. The estimated price is 650k. I am wanting to rehab using a Heloc and and also use move on to the next property in the near future. They are willing to split mortgage and utilities with me so we both help each other. Just need general advice, I want to pay it off in the near future so they don't have to pay at all but also want to leverage money to grow a portfolio.