Buying a forclosure cash with help from parents, then financing. Any complications?

[Shane Haas]

Looking at purchasing a foreclosure cash (with help from parents), and then financing the home shortly after renovations are made. 

3 questions: 

Are their issues with them giving me funds to assist with purchase?  

Will I only be able to mortgage the purchase price and costs, or will I be able to do a full cash out refinance and tap into some of the added equity of renovations? I do not want to wait 6 months-1 year to repay them. 

Can I leave them off of the original purchase since they are gifting me the money (6 figures) or do they need to be on the original deed and then when I get the mortgage remove them?

They would not be recording a lien or anything, just giving me the funds to purchase cash. I will have no problem getting the mortgage afterwards, I just have some other projects rolling at the moment that tie up cash.

Thanks!