Need advice on this tax question!

[Cade Baade]

Okay, so I have a tax dilemma and would like some advice before I make a decision.  Here is the story...

My parents bought a house for me a few years ago with cash, with the deal being I make payments to them every month to pay them back.  I have since completly remodeled the house and have approximately $85,000 in equity.  I am getting in to buying rental properties and flipping houses I am now ready to sell my house to use some of that equity to buy an apartment complex. The only problem is....the house is still in their name.  I need advice on the best way to get the equity without getting killed in taxes.

I have thought getting a loan for the remaining amount that I owe them, but with me not owning it for two years, I'd have to pay capital gains tax when I sell it.

The other option is for my parents to sell it and then give me the equity, but they would have to pay a gift tax.  

I'm not sure what to do and any advice is greatly appreciated!!!

Thanks,

Cade